Focus-Points this morning:
· Japan Sept Retail Trade hits 16-month high
· India Central Bank raises rates to combat inflation, 2nd time in a month
· Spain Retail Sales registers first rise in 36-months
· UK Mortgage approvals hit 5-year highs
· Italy Q3 GDP contracts again, 9th straight quarterly decline
· (US) Apple declines on weak quarterly margins
· (US) Earning Season continues with Mokia, Pfizer, Valero
· USD pushes higher ahead of FOMC Meeting Wednesday
· Gold is lower -.50%
· Crude Oil is lower -.50%
· EUR/USD is lower -.20%
· E-Mini S&P is igher +.15%
· FDAX is higher +.18%
Economic News on the schedule today:
This morning we have Red-Star news starting at 8:30am EST which should give us plenty of trading opportunities after we open the live trade-room at 8:00am EST.
Retail sales will offer key data on consumer spending in September, a month that was a soft one for job growth. Consumer confidence will offer clues on how consumer spending is doing this month, and also clues on how job growth is doing.
Multi-Day: FOMC Meeting Begins
8:30am EST: Producer Price Index (PPI)
8:30am EST: Retail Sales
9:00am EST: Case-Shiller Home Price Index
10:00am EST: Business Inventories
10:00am EST: Consumer ConfidenceTOMORROW: FOMC Meeting Announcement
Markets we are watching this Morning
Euro Currency Futures:
|Euro Anchor Chart|
The Euro is moving lower this morning, testing key support at 3753 and 3744 before falling lower to the next support level at 3722.
|Gold Anchor Chart|
Gold is moving lower this morning on the anchor chart, testing major trend-line support and with support levels below at 1341.8. We will expect to see price-action have a tough job to push through this support, so we will be watching closely for the reaction.
Crude Oil Futures:
|Crude Oil Anchor Chart|
Crude Oil is moving lower this morning on the anchor chart, and we can see a recent break of a support trend-line as prices move lower to key support at 97.85. If we can break (and stay) below 97.66 swing-low we should have some easy selling-opportunities this morning.
|FDAX Anchor Chart|
The FDAX is moving higher this morning, trading in the middle of a bullish price-channel on the anchor chart. We can see price-action ‘bounced’ off the 8986.4 support level and is moving higher. An easy profit-target above us at 9015.0 and 9032.0 is waiting for us this morning.