MBO Issue 83 (Nov 2018) Something Not Right
By Lawrence
Content
- Review
- Euro Ready to Move
- S&P Two Completely Opposite Scenarios Emerged
- Gold Waiting for a Crisis
- Big Picture Summary
Review
Euro did nothing when its trouble with individual countries within EU continues. The view that the resistance zone mentioned last issue will continue to serve its purpose proven correct.
S&P swing short play from MBO#82 concluded with more than 200 points booked. The low was nailed precisely when everyone else was telling trash.
Gold still in its bottom building process as explained in last issue. Now we have a better picture of where it is heading soon.
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Comments
Watching GLD (and of course SPX, as always). If 117 remains resistance, we get 113 and then 111 by eoy.
Looking for 107-108 (2017 low) are for a long term buy.
As for international crises, do not be surprised if we hear news about the ongoing investigations soon, considering that elections are today.
Well, Dems just requested all docs from Mueller probe to be retained. Countdown to another confrontation soon.
As for SPX, we closed today right in the middle of the July 1-15 range, which I look at when it comes to setting targets from July-December.
QQQ / NQ gives a cleaner picture. It is testing March top / 1st quarter top. If this stop the run, QQQ will be forced back down to deal with the up channel support.
I posted the chart here: http://artofchartreading.com/2018/10/27/update-what-to-expect-next-from-qqq-as-of-oct-27-2018/
Hi LC, EurUsd made a lower low but defended the year low so far, does the scenario still valid?
There is still a month to go for year 2018.
IF Euro pushes above 1.18 yet failed to close above that on weekly closing basis, it can be a very bearish setup.
A fight at 1.18 zone is critical for both sides.