Tuesday, October 29, 2013

Morning Prep 10/29/13; SchoolOfTrade.com

7:30am EST

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 Confidence
TOMORROW:         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 Futures:
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 Futures:
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.

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