Gold is rallying strongly as is Silver before the open, due to not raising rates. We need to see if we keep above the 128.55 area in GLD. We also see the EURO and GBP against the dollar rise after the not raising rates. So will be interesting see how long this will last.
Now onto some markets:
Daily: Before the open appears to be gapping up. We have new support daily in 28.93 area, which was the prior major low on day time frame.
Looking at timing, direction change 21st or 20th, and next turning point 25th. Which we have weekly direction change this week (possibly upward).
Weekly: Major support in the 27.90/27.18 area for weekly time frame.
Timing wise, July 15th is major turning point. Appears this week June 17th is direction change and smaller turning point. Watching the close for Friday as we have turning point this week (could be upward or downward) 33.38+ or 27.18- area.
Daily, yesterday was knee jerk low reversal back upward. Faking everyone out and taking off. We elected bullish 49.31 so probability of gap 4.5% up to 51.77 on daily time frame. Yet lots of resistance around 50.65 monthly and 52.34 weekly.
All 5 bullish have been elected on daily time frame, high probability of rally today after election of 49.50 & 49.31
Weekly, price wise alot of resistance at 50.41/ 51.12 / 52.34 area. While daily is strong, there is caution till close of Friday. The daily elections does increase probabilities of weekly rally.
Weekly timing: July 15 turning point and trend straight till that time. Note a direction change on the June 17th which may be this week upward if elects 51.12 close on Friday or a bounce and heads back down.
Summary: Weekly trend till 15th. Watching close on Friday. Dailys bulls electing increasing probabilities of weekly bulls election. Friday 51.12 is important.
Daily price points, bounced off 60.42 area not getting above it yet. Daily time frame has all bearish elections from june 12. Will need daily election to turn the tide today at 60.42 area.
Daily time points, June 20 and 21 are direction changes. Could be big rally two day or one direction then the next.
Weekly price points, staying above 58.80 weekly support area with lots of support. This is decent entry probability on reverse if any rally and low risk it appears. Range +63.14 needs to get above or 58.80 for direction.
Weekly time points, June 24 turning point but major in July 15th. Much like other assets. Choppy, yet July 8th is direction change and can stay same trend into 15th probability.
Crazy up and down action but held low of 92.00 from prior day yesterday. We have alot of volume in price at this 92 level seems like good support. At the open, looks to gap up a little.
Daily price points, 91.70 area starting support and 94.75 area starting daily rallys. Currently just consolidating around the bottom of the base. Daily R+1 with June 17 electing latest bear.
Daily timing, 21st could be a low into 25. Double direction changes in 24 and 25. So probability of opposite directions moving into 25th of June.
Open above 92.25, will rally (instead of decline). — likely elected.
Close above 93.18(new high) will rally for Friday.
Strongest time, 25th of June.
Weekly price points, 90.99 support and 101 resistance.
Weekly timing, trend till July 15th again. Double direction changes this week and 24th.
Summary: Possible trend upward/downward to July 15th. Yet we are in consolidation which appears to hold but Friday is a important date to see the direction of EA. Close above 93.18, to make new daily high, gives probability to retouch and get above 94.75. Really needs to get above 98.14, yet electing daily bulls gives higher probabilities for weekly election later till July 15th.
Daily price points, we elected 11.15 (d) bull, which is also a weekly. 11.40 is next point and appears to be opening above before the open. Watching for 11.45 close above. Looking toppy probability.
Daily timing points, double direction change 20, 21 and major turning point on 26th.
Weekly price points, 11.15 (above) and 12.15, 12.60 resistance. Weekly all bearish in reversals since May 27th (5) — Caution
Weekly timing, trend till July 15th with June 17th a direction change.
Summary, great run daily. Will need to close above 11.15, 12.15 on Friday for continuation probability. Trending weekly.
Daily – L7
Weekly – S (all bears elected, need bull elect friday)
Daily price points, 76.64, support which we are opening below creating lower base. Then down to 75.76 support.
Day bearish -5 bears (May 30th most recent).
Daily timing, 20 and 21 direction changes. 24th turning point.
Open above 76.84 rally (instead of decline).
Close above 77.60 rally into Friday.
Possibility down till mid day, bounce off 75.76 area and go back into base since there is rally in other sectors of market this morning.
Weekly pricing, mid range with support 70.30 area and resistance 87.80. Yet monthly support in 76.51 area.
Weekly timing, 24th biggest turning point. 17th looks to be low for the week.
Summary, tough due to mid range of weekly and being above/below monthly support 76.51. Double direction changes today and tomorrow, possibly open low and rally up but can go to 70.30 if 76,74 & 75.76 are elected bears today. (7% Dip)
Daily price points, opening strong and need to stay over 112.23 and 113.71 for 15% Gap up to 129.99!!
Daily timing, 20, 21 direction changes but choppy up and down till 26th. Strongest is today the 20th right now.
Open above 109.78, rally (electing)
Close above 111.36, rally Friday.
Weekly pricing, 111.70 needs to get over on Friday and 98.85 support area. R+4, June 3 latest election.
Weekly timing, July 1st is turning and july 15th is larger turning point. No direction changes, yet June 24 to July 1 is trend probability.
Summary, we close above 113.71 today we can go. But been hitting and hitting, waiting for a 15% gap at 112.21 to 129.99 daily. 110.20 is daily turn bear short term.
Steel may have Gap up to 20.42 from 15.03 area of 35%.