LOOKING AHEAD TO TUESDAY BY REFLECTING BACK ON MONDAY'S ACTION
Currencies remain in Uptrends but are topping formations forming in the Euro and Swiss franc? Gold forms a small Bear Pennant.
CURRENCIES: 09/29/09 Higher closes on Monday for the US Dollar Index, Japanese yen, Canadian and Aussie dollar while lower for the Euro fx, Swiss franc and British pound. All of the currencies still are in uptrends though there is potential topping formations in the euro and franc with support under 144000 for the former and 9500 for the latter. The yen went sharply higher (highest high since January) overnight then spent the rest of the day drifting lower to only settle 17 points higher but still its best close since February. The Canadian dollar closed lower again trading between 9000 and 9400 since July and was gradually moving higher until today but now is back in the middle of its range basis the December contract. The Aussie dollar closed lower also but continues to look strong overall. The Dollar Index settled higher but first needs to close over 7734 before it looks like a possible turnaround.
METALS: 09/29/09 Higher closes yesterday for gold, silver and platinum while lower for copper. All of the metals are still in up-trends but with potential topping formations with copper already giving me a sell signal last week. All had nice rallies off their session's lows in light volume across the board today. Gold is now in a small BEAR PENNANT.