S&P finishes Near Low; Could Test 1050.50 Early Next Week
The September E-mini S&P 500 finished the week near its
low, but slightly above a key 50% price level at 1065.25. The weekly chart
indicates the market still has more room to the downside with 1050.50 the next
likely target. A test of this level could attract strong buying power.
December Gold had a strong run this week before
profit-taking and the stronger Dollar weakened the market on Friday. Closing
above a .618 level at $1228.00 kept the move intact but a break could be coming
especially if equity markets rally. A failure to hold the .618 level could
trigger a break to $1215.00 early in the week.
December Crude Oil closed under a key Fibonacci level at
76.45, indicating further downside is likely next week. Concerns over a
weakening global economy is threatening demand for energy, leading to
speculation that demand will drop.
Talk of a bubble forming in the September Treasury Bonds did
not discourage buying in this debt instrument this week, but the daily closing
price reversal top indicates a possible short-term top. If confirmed on Monday,
look for this pattern to trigger a two to three day break to possibly 130â€™20.
The September Japanese Yen is still consolidating inside of
the 1.1805 to 1.1579 range. The market appears to be forming a resistance zone
as government and Bank of Japan officials try to decide the effect of the high
priced Yen on the economy and whether to intervene. This market is expected to
remain inside of a tight range until this decision is reached. This decision
has the potential to exert a tremendous amount of influence on the market which
is likely to lead to high volatility next week. In particular, a breakout to
the downside could produce some tremendous gains as longs will no doubt
scramble to get out of their positions.
The U.S. Dollar traded higher across the board under light
trading conditions on Friday. Trader sentiment continued to remain locked
around risk aversion as uncertainty over the strength of the global economy
The September British Pound broke minor 50% support at
1.5560 and an uptrending long-term Gann angle at 1.5549. This move tripped
stops and caused a soft break into a .618 support level at 1.5457 before
settling into a range.
It was reported this week that U.K. retail sales were stronger
than expected, but this news wasnâ€™t enough to sustain the rally. Concerns about
inflation and the effects of new taxes and spending cuts on the economy
continue to weigh on investors. Earlier in the week, the Bank of England
minutes showed that the Monetary Policy Committee voted 8 to 1 to support this
monthâ€™s interest rate decision. The minutes also showed that inflation was
discussed as well as a rate hike. The BoE seems to believe that inflation will
fall back below the target rate of 2%, if left alone, by 2012. The central bank
is basing this assessment on its evaluation of data which it interprets to mean
that the current high inflation rate has been caused by temporary events.
The September Euro reaffirmed its downtrend when it broke a
swing bottom at 1.2732. A new main top on the daily chart was formed at 1.2921.
The next objective is the major retracement zone at 1.2605 to 1.2433. This area
represents a retracement of the 1.1876 to 1.3334 range.
Talk surrounding the strength of the Euro Zone recovery
helped pressure the Euro but the most bearish influence was comments from
European Central Bank council member Weber who said he thought the ECB should
wait until the first quarter next year before considering an exit strategy.
This ignited a huge sell-off in the Euro as traders read the comments to mean
the Euro Zone economy was not as strong as perceived.
Flight to safety selling is driving the September Swiss
Franc lower. Former tops on the weekly chart are providing some light
resistance, but the daily chart suggests the market should continue to remain
underpinned. A series of bottoms at .9376, .9402 and .9421 are major support.
The trend will remain up on the daily chart until these levels are violated.
The September Canadian Dollar is still ping-ponging between
retracement levels at .9737 to .9456. Continue to play these levels until the
market breaks out in either direction. The Canadian economy appears to be stuck
because of the influence of the weakening U.S. economy. Uncertainty about
future growth is cooling off the Canadian economy, leading to speculation that
the Bank of Canada will leave interest rates at 0.75%.
Election concerns and the dumping of risky assets pressured
the September Australian Dollar early in the session before it stabilized. The
trend is down but the chart indicates there is room to break to .8644 over the
near-term if sellers step back in after the week-end.
Polls are showing the election is too close to call with
several analysts calling for a hung parliament. Taxes, spending cuts and the
environment are key issues to be decided with this election.
The trend is down in the September New Zealand Dollar. 7191
is new main top on the daily chart. A trade through this level will turn the
main trend up. Downside momentum is slowing today, but could pick up again if
sellers show up. The chart indicates room to break to the .6977 level.
The September Dollar Index finished the week on its high.
Overall the shift in sentiment toward risk aversion triggered this weekâ€™s
rally. Early next week the Dollar should react to U.S. housing data. At the end of
the week, the GDP Second Estimate should have a huge influence on the direction
of the Greenback. The consensus is calling for growth of 1.3% versus 2.4%
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