The dollar index is moving higher this morning and that is sending stocks and oil lower to test support levels. We have end of the quarter nearing and this is when wall street has to buy up leading stocks and commodities to make it look as though they have been holding winning position for their end of quarter report to investors. I am leaning towards higher price this week and we will see if we get a setup today or tomorrow.
Pre-Market Analysis Points:
– SP500 is set to gap lower by about 1% currently and will send stocks into an oversold level at the open likely.
– Dollar index is moving sharply higher and may keep rising for another 24-48 hours until my upper target is reached.
– Oil is trading lower by 1% but is still trading within a major long term support zone based off the weekly chart.
– Natural gas looks to be forming a large base and inverse head and shoulders pattern pointing to higher prices in the coming months.
– Gold, Gold Miners and Silver are oversold but continue to have bearish patterns and may slide lower yet with the rising dollar today and tomorrow.
Login to watch detailed video analysis and price targets:http://www.thetechnicaltraders.com/ETF-trading-videos/endofquarter.html
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If you are interested in stock picks checkout Jason Leavitt’s trade ideas:http://leavittbrothers.com/members/5070.cfm
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Chris Vermeulen
TheGoldAndOilGuy.com
TradersVideoPlaybook.com
TradersVideoPlaybook.com
