What I'll be looking for this coming OPEX week.
FCX has been having a strong go at it, but there's some overhead resistance looming at the $77-$80 level, not to mention the gap just below $90.So, things look a bit extended at this point (but what doesn't anymore?). The upper keltner channel lines up with the even $77 level, so watch for selling if price makes it up to that area this week. However, the first hurdle FCX has to overcome is the $75 level. So, we may get some selling on Monday at this level, provided it doesn't just drop from where it is now. I would be looking for a downside move back to at least the 50-EMA (on the 30-min chart) which would coincide with the most recent gap ($73).
POT has been floundering of late. Just look at the weekly:But what you may not be able to pick out on the weekly can be better viewed on the daily:I'm looking to sell any pullbacks in POT.
USO, just look at the weekly and daily:
I'm thinking the bottom line here is, buy the dips!
Also, keep an eye on the Transportation sector, as they seem to be leading market behavior, watch for a lower high.And finally, pay attention to the financial sector if it begins to approach the $15.50 mark.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
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