Tuesday November 08, 2016 Market Commentary
Stocks -Â The major market indexes all strongly bounced higher yesterday breaking out through their forecasted major resistance price areas in a broad market advance. The next two days are very important now to see if there is a follow through advance from yesterday’s strong upward move. Upon seeing the election day, and post election day price action it will help to be more clear to try to determine if this market rally continues or dies out and continues lower as previously forecasted.Â
Bonds – No change in the 30 Year US T-Bond forecast now that it has hit the low 161 area which was previously forecasted. Currently the price is consolidating and the forecast is for a possible short-term rebound of some kind of which may possibly not happen. Longer term, the forecast is down.
US Dollar Index – No change in US dollar index since it has sold off since last week and should be reversing anytime now if it’s going to continue higher. 96.00 is major support now on the USD index. If 96.00 breaks support this would suggest the previous 100.51 forecast is canceled, and the index could see much lower prices moving forward.  Â
Gold – Gold had a slight sell off yesterday to a low of 1,278.14 but is still forecasted higher short-term. Current price support for gold is 1242.65. The near-term gold forecast is for prices to carry higher to the 1,434 to 1,500 area. Short-term gold is forecasted higher and longer-term it’s forecasted lower after it reaches the 1,434 to 1,500 forecasted price range.
