Tuesday, October 8, 2013

Morning Prep 10/08/13; SchoolOfTrade.com

7:30am EST
Focus-Points this morning:
·       The 8th day of the US Govt Shutdown begins with no major up-dates on a resolution between the Republicans and the White House.
·       China voices its concern about a possible US debt default, pegs the CNY at record high against the USD.
·       Traders in the US Prepare for International Trade early in today’s session, which will give us a first look at the effects of the Govt Shutdown.
·       Fed Speakers fill the economic calendar this afternoon in the US
·       E-Mini S&P -0.04%
·       Crude Oil +0.75%
·       EURUSD -0.04%

Economic News on the schedule today:
8:30am EST:             International Trade
10:00am EST:           JOLTS Report
12:25pm EST:          Sandra Pianalto Speaks
12:30pm EST:          Charles Plosser Speaks
8:00am EST


Levels this morning:

Gold Futures:
VAH 1326.1 / VAL 1320.7 (narrow/breakout)
PHOD 1329.5/ PLOD 1316.9 (narrow/breakout)
Bullish = Open > 1329.5
Bearish = Open < 1316.9

The narrow ranges in Gold on Monday tells us today is likely be a breakout scenario if we get the opening-print above or below the levels listed above.  price-action closed on Monday in the middle of the trading-range so we will have to wait for the opening-bell to see which side of the market participants grab this and take control for Tuesday.
Targets above:        1330.0 | 1333.4 | 1337.8
Targets below:        1316.0 | 1310.0 | 1306.0 | 1305.1

Crude Oil Futures:
VAH 103.61 / VAL 102.55 (wide/range-bound)
PHOD 103.74 / PLOD 101.86 (wide/range-bound)
Bullish = Open > 103.74
Bearish = Open < 101.86

Crude Oil traded in a wide range on Monday and closed in the middle of the range.  This suggests that today will be a 2-sided, range-bound market personality if we get the opening-print inside the levels posted above.  If the opening-print is above/below the levels listed we will then know that market sentiment has changed and we will investigate more from there.
Targets above:        103.88| 104.19 | 104.38
Targets below:        101.51 | 101.30 | 101.15 | 101.05

Euro Currency Futures:
VAH 1.3586 / VAL 1.3564 (narrow/breakout)
PHOD 1.3588 / PLOD 1.3545 (narrow/breakout)
Bullish = Open > 1.3588
Bearish = Open < 1.3545

The Euro traded in a narrow range on Monday and price closes in-balance inside the range, leaving the door wide open for either side of the market to grab control at the opening-bell this morning.  We will be looking for a breakout scenario if the opening-print is above/below the levels posted above.
Targets above:        1.3593 |1.3609 | 1.3625 | 1.3635 | 1.3649
Targets below:        1.3541 | 1.3507

Mini-Russell Futures:
VAH 1068.7 / VAL 1064.5 (narrow/breakout)
PHOD 1071.3 / PLOD 1061.1 (narrow/breakout)
Bullish = Open > 1071.3
Bearish = Open < 1031.1

The Mini-Russell traded in a narrow range on Monday, and closed at its lows of the day.  This suggests an opening-print below the 1031.1 will be a bearish sign in the price-action this morning.
Targets above:        1073.3 | 1076.5 | 1078.0 | 1078.6 | 1080.7 | 1082.5 | 1086.8

Targets below:        1060.5 | 1057.5 

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