European stock
market is sharply lower today following yesterday sell-off on US equities after
Ben Bernanke who said yesterday that if the economy continues to improve, it
could start to wind down its $85 billion a month asset-purchasing program
towards the end of 2013 and end it in 2014.
Metals are
moving sharply lower, with gold testing now psychological level at $1300 and
silver $20. We could see some technical bounce from here especially if we also
consider Elliott Wave pattern which suggests that price is at the end of wave
iii), now testing 261.8% Fibonacci support.
As I know a lot of our clients were shorting gold since June 10. If you
are one of them, then I suggest you to close some % and make very tight stops.
GOLD 1h
E-mini
S&P500 is also looking weak since yesterday where we can count now five
waves down from latest high. This is impulse that confirms the change in trend;
from bullish to bearish mode.
E-mini
S&P500 1h
EURUSD also
extended its decline in the last hour or so, which means that correlation
between EURUSD and stocks are normal for now. USD is safe-haven in risk-off
mode so normally traders will be interested in Long USD opportunities.
Market
Correlations 1h
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