MBO Issue 60 (Dec 2016) Money Never Sleeps
Content
- Review
- Euro on Track to gun for Closing at the Low for the Year
- S&P Breakout Targets are Now Defined
- Gold Downside Target Tagged
- Big Picture Summary
Review
Euro reacted to the US Election and spiked above 1.12 down channel resistance yet failed to close above, leading to all out collapse down to my target below. Since then it went sideway again.
S&P spiked 5% lower overnight into the open range of the year by the same event and bounced. That gave S&P enough fuel to produce a new high for the year as prescribed in STOPD.
Gold slide down to my projected target right on schedule.
So-called whatever reactions to the US Election being “unexpected” and “unbelievable” is again proven just total nonsense coming from people who refuse to accept the reality as it is – the financial markets are more predictable than ever.
This issue of MBO marks the 5th year of its publication. Not that many market newsletters can last more than couple of years. I am very glad that my readers have been supportive of my effort and like to take this opportunity to say thank you to all of you. As I expand the coverage of more markets in MBO next year, I hope to make MBO better and even more useful to all my subscribers.
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Update:Both ES and Dow have broken their 30-min up trend, this set up for a quick sell off back down to ES 2230s area. A bounce back up to 2250s-60s is possible. As long as 2260s is not breached, we are looking for a daily pullback to weekly support below over the coming 2 to3 weeks..
The expected swing top arrived a bit earlier than the year end to new year window thanks to the major players tipping their hands on NQ.
About gold – still holding up at support and a repeat of what happened last year cannot be ruled out. That is, gold going straight up right after new year.
Another update: ES pullback to 2230 as expected and bounced off right there. Given this week being NFP week, the stage is set for a bounce back up to Friday.
Gold still having problem clearing the weekly resistance, hence the bottom forming process is still in progress.