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Global Market Wrap: Market Indecisive During Asian Session
Nov 18 09 20:24 EST (LFB Forex) 0votes
TheLFB-Forex.com A Forex Trader Portal
Global Market Wrap:Market Indecisive During Asian Session
Equity Futures: Dow -11.00. S&P -1.80. NASDAQ -2.25. Japanese Nikkei -80.00. German Dax +20.00
Stock markets were trading in a mixed fashion during the Asian session. The Japanese Nikkei was dropping 74 points while the Australian S&P/ASX has gained 10 points and the MSCI Asia Pacific Index has declined 0.07 points. Nearly 170 stocks on the Nikkei 225 were declining during the trading day. Exporters such as automobile manufacturers were leading the declines with Isuzu Motors falling by as much as 6.2 percent and Mitsubishi Motors dropped 4.58 percent.
Trade Plan of the Day: TheLFB Trade Plan is Usd/Cad, one of the six that are available to members on the major pairs each day, plus four Jpy based cross pairs, S&P futures, oil, gold, and the dollar index.
The MSCI Asia Pacific Index has lost 0.07 points or 0.05 percent during the session.
Overnight, the Japanese Nikkei has declined 74.12 points (0.77%) to 9,602.68. The Australian S&P/Asx has advanced 10.70 points (0.23%) to 4,749.70.
Crude oil was recently trading at $79.61 per barrel, higher by $0.03. The commodity found support near the 20 day moving average at 78.90.
Gold was recently trading higher by $1.10 to $1,142.20. The precious metal has found support near the 1140 area.
TheLFB Charting: Gold Elliott Wave view
4 Hour chart trend: Long. Main price points: 1100. Looking for: Wave 5) topGold is still trading higher and searching for the resistance in our blue wave V leg of a Long red wave 5). Gold is reflecting the weak U.S. dollar sentiment, and traders may see an important bounce higher on the U.S. dollar currency, once the gold finishes the near-term Long wave count.
Traders should wait on a short break of the 1100 support zone, of a blue wave IV, before the market confirms a bearish reversal. Until that happens, a move up into much higher levels around 1165 may still easily be achieved, especially if U.S. dollar index breaks through the 74.70 support zone.
TheLFB Charting: S&P Futures Elliott Wave view
4 Hour chart trend: Long. Main price points: 1082, and 1115-1120. Looking for: Wave C top
S&P futures found a top around the 1112 area; just 3 points below the 1115 target, where the long, wave V), may already be complete. We can clearly count five black waves up from the red wave B low, which suggests that wave C may be trading around the top.
After every five wave move, a three wave correction is expected, so a move lower on the S&P, near to the 1082 support zone should not be a surprise technically. If this follows through, traders may see some dollar buying in the near-term, which will pull the euro away from the major $1.50 level, while the 74.70 dollar index low holds. These markets are all inter-connected at the moment, with a 90%+ correlation.
Bearish confirmation on S&P futures hits if there is a short breakout of 1082.TheLFB Charting: Eur/Usd Elliott Wave view
4 Hour chart trend: Mixed. Main price points: 1.4800, and 1.5000. Looking for: Two scenariosThe Eur/Usd pair traded lower on Tuesday, into the 1.4800 region as expected. The lows were hit at 1.4807 area, around the lower support line of the channel where the recent turning point appeared.
From this area, euro may start to trade higher again, to approach to 1.5062 zone, following the A), B), C) corrective count shown on the 4 hour chart. To confirm this, the market needs to trade above the black wave B)/II) 1.5000 area.
The market is still trapped in the bear channel, which means that move lower into the black wave III shown will be easily achieved if the 1.4800 support zone fails to hold as support. The instigator may be another test and failure at the 1.5000 region.
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Written by TheLFB Trade Team, © 2007-2010 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.comTheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
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