The bears are still firmly in control of the gold market. GCQ7 must generate a weekly close above 1301 in order to turn bullish on a short-term basis. www.ReiterInvest.com
Crude oil collapsed following the bearish API report. The bulls are in big trouble on a weekly close below 44.13. www.ReiterInvest.com
Gold has enjoyed a nice rally during the past few weeks. However, the long-term trend remains decidedly bearish. GCQ7 must close above 1433 in order to break the 6-year bear market. The short-term trend turns bullish on a close above 1301. www.ReiterInvest.com
So far, the Russell 2000 has been unable to confirm the recent highs in DJIA & S&P 500. This known as a bearish divergence. Not a good sign for the stock market bulls. Russell 2000 needs to close above 1426. www.ReiterInvest.com
I recently conducted a survey of my current subscribers (traders of the E-mini S&P 500). Based on participation thus far, over 25% of them also trade/keep tabs on the CL market, and would appreciate commentary and levels on it as part of my service. So, here’s a little experiment: A look at the levels on CL that I think should carry from this moment through the end of this week.
Obviously, this would suggest that I don’t see CL making a huge move up or down this week (relative to the daily chart). That is true, given a long-term timing point coming in Friday June 16th.
But I do not have a crystal ball, so hey, if CL starts moving, don’t exit a money-making trade simply because I’m expecting low volatility. Again, this is a bit of an experiment in terms of the way I package my work. But it’s done using my same tried and true analysis tools.
Chart: NYMEX Crude Oil futures, July 2017 (TradeStation: CLN17) / Tuesday June 6, 2017/ 1:12 PM / 60 MIN CHART SHOWN
Futures are testing a trendline resistance zone. The upper black line joins 50.28 and 49.17. The lower black line is a parallel projection of the upper line, anchored to the 60 minute price spike that formed the 50.28 high. 14-hour RSI is higher than recent readings but in the bear market resistance zone (55 – 65).
If futures push higher from here, 48.51 is strong resistance. If futures hold at this trendline zone and reverse lower, first target would be 47.09 ahead of an extension toward 46.45.
CL JUNE 2017 CONTRACT | KEY PRICE LEVELS
50.28 — Tue May 31 high
49.66 — midpoint May 30 range
49.61 — low 60 min price spike
49.17 — Thu Jun 1 high
48.78 — midpoint 60 min price spike
48.51 — midpoint last week’s range
48.13 — midpoint 60 min price spike
47.43 — old intraday high
47.09 — intraday higher low
46.74 — Fri Jun 2 low
46.45 — high of 60 min price probe
45.92 — low of 60 min price probe
45.56 — midpoint May 5 daily price probe
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Financial Analyst and Blogger: Skinny On The Mini
CMT Content Director: Wiley Efficient Learning
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Shares in Qatar dropped 8% amid diplomatic crisis on Monday 5th June 2017.
Qatari stocks recouped partial losses on Tuesday, a day after falling more than 8 per cent due to growing political rift. The Qatar exchange index was 2.51 per cent higher, after falling to sub-8,000 levels at one point.
Chart Image Credit: Bloomberg Website
Coming Thursday 8th June 2017 is going to be interesting:
UK General Elections.
European Central Bank Meeting.
Also former FBI director James Comey to testify in an open hearing before the Senate Intelligence Committee.
Volatility should pickup substantially as the T Day approaches.
The US stock markets are at all time highs, priced for perfection?