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The City Advisor, A free weekly newsletter for our friends highlighting interesting market situations.

The City Advisor

176th issue, 19th December 2011

A free weekly newsletter, just for our subscribers, sent out on Monday,
Publisher:  Tenpointtrading.com,
Editorial Director: Rakesh Shah, info@tenpointtrading.com Phone: 020 7193 9598

S&P500

We wish you a very happy holiday for the Christmas break and the next report will be out in the New Year. Next year will present us with some strong moves in January based on the current price action and the squeeze in the range. A very Happy New Year to you. 
  1. 1261 – High level resistance. We are looking to sell into this level in the New Year.
  2. 1225 – Last weeks expectation = A break below here will initially yield a sell off – CORRECT.
  3. Technically the medium term outlook is changing with the failure of many levels. We technically position for a short trade into the New Year and look to sell any rallies. 1200 is so close. Expect both the highs and lows of the week to be taken out and a choppy week to trade. A good bounce into the close on Wednesday and weak Thursday.
ES

GOLD

  1. 1800 – Last week we were expecting this level to hold (FAILED), but was taken out immediately for first leg for a move lower.= Correct
  2. 1660- A Short term bounce to 1630 before we resume a selling pattern.
  3. 1600 - Low volumes in a rising market, rarely spell good fortune. We are expecting skinny markets to test the lows to the downside at 1574, with the market holding here into the New Year. 
GC

EURO 

  1. 1.3000 Market is trading in a triangle and this will keep the boundaries in check for the trading week. Lacklustre volumes, will allow some fast action into these two areas with corrective action once hit.
  2. 1.3200 Support becomes resistance and this will mark the high point of the chart this week technically, STRONG resistance here Medium term.
  3. 1.2978. Last weeks target was hit = Medium term target as the structure suggests failure of the chart pattern shown. = correct 

Euro/USD

CRUDE OIL
 

  1. 94.80 – Last week uptrend stated in the report will be broken at 95 = Correct. (Market to hold in range for current weekly session. = Failed)
  2. The expected move lower happened faster than expected. But with very low volumes. Choppy action can take this market lower into the new year.
  3. We expect a range-bound market with 91.50 setting the low target and 96 making the high.  
CL

176th issue, 19th December 2011.


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