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| Gold Futures Daily |
Edit: A couple of thoughts (ramblings) on the market: I thought we were starting to see a potential breakdown in the correlation between Gold / Euro / SPX. Gold and the Euro have moved up while the SPX has basically stayed flat. It could just be some catch up action by Gold and the Euro though..... considering they were lagging before. Now that both of them are at potential resistance areas, I'm confused as to what comes next. 1650-1675 on Gold futures and 1.2550-1.2650 on Euro futures are likely to be difficult resistance on the daily chart timeframe. If they pull back from this area, does the SPX pull back also? I keep thinking we will see a deeper correction in equity futures, and am currently short up to my eyeballs. I'm short S&P futures at 1414 with a hard stop now set at 1418ish. I'm also short Naz futures at 2766ish with a hard stop set at 2806ish. 10yr & 30yr Treasury futures have rallied up to their breakdown area from last week. 10yr futures have pushed further up into that zone, making me wonder if the breakdown was just one big shakeout. If that's the case, we should see equity futures move down tomorrow and Friday. One thing I am 100% certain of is that I have no idea what's about to happen... stops are in and my brain is out.