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| ES_F 5 min. notice todays straight up low volume trend |
Not much to report on the S&P futures as we have been slightly up to flat since NYC close. The 1254 level is proving to be fairly sticky with 1254.75 being the overnight high so far. 1255.75 is the upside line in the sand still as that is 24 month highs. Downside support again has not changed, 1250, 1246-1247 followed by 1240.
The real story tonight is in the precious metals and currency markets, my previous post tonight pointed to a possible central bank intervention in the EUR/USD cross as she
rocketed off 1.31828 straight up to 1.32 in about two minutes. This move upon dollar futures open sent the DX_F which is us dollar futures down to the 80.25 level in one candle. The US dollar futures are still trading down at 80.17. Staying above the 80 support level is key to keep equities at bay and precious metals from running up.
Now do not get me wrong i am really looking for movement and not just stagnation, i am an avid dollar bull but will trade it in any direction. Tonight the trend has been down, so i am trading accordingly. Trade accordingly and Hedge According.ly.
Gold futures surged above 1384 resistance with ease putting in a high of 1382.50 on a fairly large buying push. In my opinion these moves are still some of the loose ends associated with the Chinese rate hike as well as end of the year currency trade book/hedge adjustments.
