10 Nov: Welcome to the new world order! A roller coaster start has ended with sentiment currently positive.

It’s a whole new world out there today! In terms of markets we cannot complain about the lack of two-way volatility, and plenty of fortunes will have been made and lost. We can probably expect more of the same over the next couple of months as the Trump transition to power takes place, and it looks like being a wild ride into the end of the year, with the December FOMC Meeting still to come. At the end of the Wednesday session it has been a roller coaster ride, following Trumps conciliatory speech, and US Treasury yields have soared, taking the dollar and stocks along in their wake, while Gold, after screaming higher has now reversed all those gains and more by the end of the session. All up, this is not a market for the position takers and it will be the intra-day traders who will be to the fore until the current volatility subsides.

There is very little data due today which is probably just as well as no one would notice. The Feds Williams/ Bullard will be speaking.

CURRENCIES
EURUSD: 1.0911
Res	1.0965	1.1000	1.1045
Sup	1.0880	1.0850	1.0820
USDJPY: 105.88
Res	106.00	106.50	106.75
Sup	105.50	105.00	104.65
GBPUSD: 1.2424
Res	1.2475	1.2505	1.2555
Sup	1.2400	1.2345	1.2300
USDCHF: 0.9844
Res	0.9845	0.9900	0.9950
Sup	0.9810	0.9775	0.9735
AUDUSD: 0.7658
Res	0.7690	0.7720	0.7750
Sup	0.7635	0.7600	0.7580
NZDUSD: 0.7335
Res	0.7360	0.7400	0.7420
Sup	0.7300	0.7265	0.7220

INDICES / COMMODITIES
S+P: 2159
Res	2166	2172	2192
Sup	2150	2140	2130
DJI: 18527
Res	18585	18690	18805
Sup	18400	18310	18200
ASX SPI: 5304
Res	5326	5340	5360
Sup	5280	5254	5230
GOLD: 1275
Res	1284	1290	1302
Sup	1268	1262	1246
SILVER: 18.40
Res	18.50	18.75	19.00
Sup	18.25	18.00	17.80
OIL (WTI): 45.45
Res	45.90	46.45	47.30
Sup	44.65	43.55	43.05

Indices/commodities

S&P Futures

2159

Resistance		Support
2200	Psychological	2140	100 DMA
2191	All time high (23 Aug)	2129	(23.6% of 2028/2059)
2180	Minor	2110	(38.2% of 2028/2059) /200 HMA
2172	22 Sept high	2093/90	(50% pivot of 2028/2059) /200 DMA
2166	Session high	2078	(61.8% of 2028/2059)

Bias

Not for the feint hearted!! After collapsing to a low of 2028, we are now at session highs of 2164 and look like going higher for a retest of the all time highs at 2191. Time will tell, and it is going to remain highly volatile as Trump will now have to deliver on his promises on jobs and economy, but from a technical basis, cautiously buying dips remain favoured.
24 Hour: Mildly bullish	Medium Term: Neutral

DJI Futures

18527

Resistance		Support
18800	Minor	18400	Minor
18700	Minor	18310	(23.6% of 17417/18588)
18621	All time high (15 Aug)	18200	100 DMA
18600	Minor	18140	(38.2% of 17417/18588)
18588	Session high	18020/00	200 HMA /(50% of 17417/18588)

Bias

Ditto S+P A 1100 point reversal makes technical points rather irrelevant, but the short term charts seem to point to the topside!
24 Hour: Mildly bullish	Medium Term: Neutral

ASX SPI

5304

Resistance		Support
5400	Minor	5280	Minor
53773/8	100 DMA/(76.4% of 5488/5029)	5255	(23.6% of 5029/5325)
5360	(61.8% of 5568/5029)/Descending trend resistance	5230	200 HMA
5340	Minor	5210	(38.2% of 5029/5325)
5325	Session high	5175	(50% of 5029/5325)

Bias

Ditto S+P. After collapsing to a low of 5029, the ASX is now at session highs of 5325, and in the short term the charts hint that the index could take a look at 5360/75 resistance levels. A very nimble stance is going to be required though and the hourly charts are becoming overbought, so keep stops tight.
24 Hour: Mildly bullish	Medium Term: Neutral

GOLD

1275

Resistance		Support
1325	Minor	1278	200 DMA
1315	Minor	1267	Session low
1308	Minor	1262	25 Oct low/4 Oct low /28 Oct low/Rising trend support
1295	Minor	1255	Minor
1285	Minor	1246	14 Oct low

Bias

Gold perfectly reached the 1337 descending trend resistance target by spiking up to that level before collapsing just as quickly, as risk sentiment improved, to take out the recent lows and finding some support at 1267. A very nimble stance is required, although in the short term it appears to be the downside that could come under further pressure. A break below 1260 could see added acceleration towards 1250/40, below which there is not a lot to hold it up until 1210/1200.

24 Hour: Mildly bearish

Medium Term: Neutral

SILVER

18.40

Resistance		Support
19.35	(76.4% of 20.06/17.10)	18.25	200 HMA /(38.2% of 17.10/18.99)
18.99	Session high	18.00	3 Nov low /7 Nov low
18.92/95	(61.8% of 20.06/17.10)/100 DMA/200 WMA	17.80	(61.8% pivot of 17.10/18.99)
18.75	Minor	17.55	28 Oct low /(76.4% of 17.10/18.99)
18.50	Minor	1740	21 Oct low

Bias

Silver has been highly volatile on Wednesday but it has remained within the overall recent range, with the topside capped by the strong resistance seen at around 18.95/19.00. The charts are mixed so a cautious stance is required but the short term momentum indicators point lower so a test of 18.00 could be on the cards.
24 Hour: Mildly bearish	Medium Term: Neutral

OIL (WTI)

45.45

Resistance		Support
47.32	1 Nov high	44.65	100 HMA
47.00	Minor	43.40	200 DMA
46.55	(38.2% of 52.19/43.06)	42.98	1 Sept low
46.44	2 Nov high/100 DMA/100 WMA	42.20	(76.4% of 39.17/52.19)
45.92	Session high /200 HMA	41.75	Minor

Bias

WTI has recovered from a spike down to the strong support, seen at the previous lows at around 43.00, to finish the day back above 45.00. The short term momentum indicators are mildly more positive now so a squeeze towards 46.00.46.40 may be on the cards, but which if seen, should be strong resistance and may present a sell opportunity. The dailies still point lower and with the ongoing OPEC arguments, I still favour an eventual return to the downside.

24 Hour: Mildly bullish

Medium Term:Prefer to sell rallies

EURUSD: 1.0911

Resistance		Support
1.1100	(50% pivot of 11299/1.0906)	1.0906	Session low
1.1045	(38.2% of 11299/1.0906)	1.0880	Minor
1.1045	200 HMA	1.0850	25 Oct low
1.0000	(23.6% of 11299/1.0906)	1.0821	10 Mar low
1.0965	Minor	1.0775	(76.4% of 1.0521/1.1616)

Bias

The 4 hour/daily momentum indicators are mixed and a very cautious stance is required. The short term charts do point a bit lower.
24 Hour: Mildly bearish	Medium Term: Neutral

Economic data highlights will include:

US Jobless Claims, Monthly Budget Statement, Fed Speeches, Williams and Bullard

Meta Trader

EURUSD: 4 Hour

…

USDJPY: 105.88

Resistance		Support
104.48	21 July high	105.50	Minor
107.00	Minor	105.00	Minor
106.72	25 July high	104.72	(23.6% of 105.88/101.18)
106.54	27 July high/200 DMA	104.10	(38.2% of 105.88/101.18) /200 HMA
106.00	Minor	103.55	(50% pivot of 105.88/101.18)

Bias

After collapsing to 101.18, the dollar has reversed sharply higher in line with the soaring Treasury yields and currently sits at session highs. The 4 hour/daily momentum indicators do appear now to be aligning to point higher and trading from the long side, cautiously buying dips is favoured
24 Hour: Mildly bullish	Medium Term: Mildly bullish

Meta Trader

USDJPY: 4 Hour

…

GBPUSD: 1.2424

Resistance		Support
1.2600	Minor	1.2352	Session low
1.2557	4 Nov high	1.2335	200 HMA
1.2545	Session high	1.2300	Minor
1.2500	Minor	1.2275	(38.2% of 1821/1.2556)/Rising trend support
1.2480	Minor	1.2190	(50% pivot of 1821/1.2556)

Bias

Cable is in the middle of its recent choppy range and a cautious stance is required.
24 Hour: Neutral	Medium Term: Neutral

Meta Trader

GBPUSD: 4 Hour

…

USDCHF: 0.9844

Resistance		Support
0.9999	25 Oct high	0.9800	Minor
0.9950	Minor	0.9775	(23.6% of 0.9548/0.9843)/Session low
0.9910	Minor	0.9730	(38.2% of 0.9548/0.9843)
0.9893	(76.4% of 0.9999/0.9549)	0.9695	(50% pivot of 0.9548/0.9843)
0.9843	Session high	0.9662	(61.8% of 0.9548/0.9843)

Bias

The short term momentum indicators seem to suggest further dollar strength although the dailies are fairly flat. I prefer to be long rather than short but overall it looks set to stay choppy today.
24 Hour: Prefer to buy dips	Medium Term: Neutral

Meta Trader

USDCHF: 4 Hour

…

AUDUSD: 0.7658

Resistance		Support
0.7800	Minor	0.7610	Minor
0.7777	Session high	0.7588	Daily cloud base/100 DMA
0.7720	Minor	0.7579	Session low
0.7690	100 HMA	0.7570	Rising trend support/(76.4% of 0.7441/0.7777)
0.7660	200 HMA	0.7557	28 Oct low

Bias

The Aud had a wild ride, falling from a new 7 month high (0.7777) to a low of 0.7579 before a decent bounce as risk sentiment improved, ending up right back in the middle of the recent range, leaving the outlook clouded. Further choppy trade within the 0.7550/0.7750 range seems likely in the days to come.
24 Hour: Neutral	Medium Term: Neutral

Economic data highlights will include:

Consumer Inflation Expectation, Home Loans, Investment Lending for Homes

Meta Trader

AUDUSD: 4 Hour

…

NZDUSD: 0.7335

Resistance		Support
0.7485	7 Sept high	0.7320	100 HMA
0.7420	Minor	0.7300	Minor
0.7402	Session high	0.7260	Session low/200 HMA /(38.2% of 0.7035/0.7337)
0.7380	Minor	0.7220	(50% of 0.7035/0. 7337)
0.7360	Minor	0.7176	(61.8% of 0.7035/0. 7337)

Bias

The RBNZ cut rates by 25 bp, as expected, s the Kiwi is higher, naturally!! Now at 0.7340. The indicators are mixed and further choppy trade within the 0.7300/74.00 looks likely in the short term.
24 Hour:Mildly bearish	Medium Term:Neutral

Economic data highlights will include:

RBNZ Interest Rate Decision/Monetary Policy Statement/Press Conference

Meta Trader

NZDUSD: 4 Hour