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News that China will re-value its yuan currency is viewed positively, of course, by world markets as it lowers inflation risk and exudes confidence about China's growth picture. There are several sectors covered this week in regards to how the China situation could and may impact each of those sectors. Today's portion of the charts covers Mike's perspective on copper, gold, and steel.
Originally published on MPTrader.com.
Originally published on TheTechTrader.com.
(Note from Tim: I'll be traveling the rest of the day, so I'm going to go quiet at this point. I might manage to get another post or two up with my iPhone later tonight).
The S&P 500 emini contract is pressing towards yet another probe of key support along the 1100 level, which also doubles as the rising 200-day moving average at 1099.70. As long as that support area contains any forthcoming weakness, with an overshoot into the June 8 up-trendline at 1095, my pattern work will consider all the action since the June 15 high at 1111.50 to be a sideways rest-digestion period ahead of another upleg.
If my work proves accurate, then we will look back on the past two sessions as a rest period (rather than a serious pullback) that worked off the overbought near-term conditions ahead of another powerful upleg. For that reason we are long the Ultra S&P500 ProShares (NYSE: SSO) in our model portfolio.
Originally published on MPTrader.com.
Originally published on TheTechTrader.com.
Originally published on MPTrader.com.
