This is a sample entry from Drew Rathgeber’s newsletter, The Rath Overlay, published on Friday, December 23, 2016.
In The Markets
Emini S&P – ESH6 (Mar ’17)
Same as last week still losing some momentum having a hard time getting to the 2300.00 level – I’m still looking for a countertrend retracement before any attempt at new highs. This is the 11th day at these levels and obviously the indices are looking for fresh news to take it higher and after 11 trading days nothing really has changed. This week would have been great to be a premium writer.
Gold – GGCZ6 (Feb ‘17)
As I mentioned last week Gold need to hold $1,132.00 and it seems to be holding just by a thread trading at $1,133.00 this morning with tighter daily ranges. Looks to be building a bottom, however I don’t expect any real fireworks till after the New Year starts and more importantly once President Elect Donald Trump is sworn into office January 20th.
Soybeans – ZSF7 (Mar ‘17)
With all the rain in the S. America this week beans sold off sharply let’s see if the $10.04 bu area holds and solidifies before making a long/short play.
Crude Oil WTI – GCLG6 (Feb ’17)
Trending with higher lows for the week looking to re-test $54.00 for a possible break-out? To enter long at these levels would be tricky being at the top of the range $55.00 top then $45.00 bottom and I’m not sure worth the risk. I would look for a better set-up.
T-Bonds – ZBZ6 (Mar ’17)
Short term meaning the hourly chart T-BONDS are trending higher with well-defined higher lows setting up for a re-test the 150-00 level currently sitting at short term overhead resistance.
U.S. Dollar – DX-MZ6 (Mar ’17)
USD made a new weekly high this week trading up to $103.625 however failed to breakout and has struggled in this area coming into the close for 2016. If we don’t receive any fundamental bullish news for the USD I’d expect a pullback.
Working an order in 5 YR TREASURY NOTE (Short).
Currently monitoring Gold, Silver, Crude and Heating Oil for your next trade!
The Week Ahead
- 12/23 – Regular Close (Most Markets)
- 12/26 – Holiday Schedule (Globex Closed)
- 12/28 – Pending Homes Sales Index 10:00AM ET
- 12/29 – Jobless Claims 8:30AM ET
- 12/29 – Nat Gas 10:30AM ET
- 12/29 – EIA Petro Report 11:00AM ET
- 12/30 – Bond Market Closes 2:00 PM ET
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