MBO Issue 62 (Feb 2017) Trading This Worldwide Political Hell
By Lawrence
Content
- Review
- Euro on Track to Tag First Upside Target
- S&P Upside Breakout In Place
- Gold on Track to Challenge Its Upside Resistance
- Big Picture Summary
Review
Euro falling wedge broken, slow rise towards first target above.
S&P500 has a mild selloff back down to highest support but that’s all we got going into NFP. Since S&P failed to drop back down to close below previous year close, no signal for steeper pullback triggered.
GLD struggling at the all critical year 2016 midpoint as explained last issue. No clear direction yet.
Overall, nothing surprising happened. Just lots of chatter from political sphere flipping public opinions every few days.
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Comments
Just my opinion, but I have 1240 as resistance for gold.
Financials are carrying the S&P. Breadth not all that impressive.
If you want some kind of precedent, maybe look to the mid 1980-‘s–strong dollar, rising deficits. That said, I am grasping at straws here. That was before my time (freshman in college).
Until the divorce is final, not trading other than options in a small account of my own. Can’t wait to get back in the game.
Thanks man!
The spot gold level is 1245-60 where that “crime scene” of the prior breakdown happened.
1240 gold on Feb contract. April is now the main one.