Market Update, 2009.09.28

28. September 2009
Comments (0)

ES Daily: Today gave a big rally off the crossing of the two red trend lines shown below.  After continued divergence on many indicators, the market continues to rebound.  Rally due to covering or actual new buyers?

 
$INDU Daily: (Dow) Similar rising wedge as above.
 
 
 
$TRAN Daily: (Dow Jones Transportation Avg) Similar rising wedge with a pullback right to the 50% retracement and trendline.
 
 
 
 
$NDX Daily: (NASDAQ) The Nasdaq found resistance at the level mentioned in a previous post (the blue line). 
 
 
 
6E Daily: (Euro) So far, the euro found heavy resistance at the 9/22/2008 high and the cross of a trend line. Careful of support at 1.4449 (50% retracement and previous swing high).
 
 
 
CL Daily: (Crude Oil (Light)) Crude has broken out the bottom of the containing channel with some possible room to fall.  Crude and the Euro seem to trend together recently, so this fits well with the Euro falling.
 
 
 
DBA Daily: (Agriculture) Continues its grind lower, with targets at lows.
 
 
 
ZB Daily: (Bonds) Even as the markets rallied today, the bonds continue their climb, breaking previous highs. 
 
 
 
ZG Weekly: (Gold) So far, has found resistance at the double top set in 3/2008.  Could a continued flow into bonds mean investors moving away from gold? 
 

Market Update

Disclaimer

By downloading and using any of our studies, you agree to the following disclaimer:  
 
Past performance is not necessarily indicative of future results. The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.  
 
In considering whether to trade or to authorize someone else to trade for you, you should be aware of the following:
  • If you purchase a commodity option, you may sustain a total loss of the premium and of all transaction costs.
  • If you purchase or sell a commodity future or sell a commodity option, you may sustain a total loss of the initial margin funds and any additional funds that you deposit with your broker to establish or maintain your position.
  • If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position.
  • If you do not provide the requested funds within the prescribed time, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
  • Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market makes a "limit move".
  • The placement of contingent orders by you or your trading advisor, such as a "stop-loss" or "stop-limit" order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.
  • The high degree of leverage that is often obtainable in commodity trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains. This brief statement cannot disclose all the risks and other significant aspects of the commodity markets. Before you trade you should inquire about any rules relevant to your particular contemplated transactions and ask the firm with which you intend to trade for details about the types of redress available in both your local and other relevant jurisdictions.
 
 
neoTOOLBOX.com does not guarantee results, information, or EFS studies and scripts in any shape or form.