Wow, what a day in the market! The Fed’s decision to not begin tapering was huge for the market today, as news of the decision led to massive rallies across commodity classes, including Crude Oil, Gold, FX futures, and of course the Index Futures markets. I’ve got some live analysis and trades for you below, in addition to some great calls in Gold, and also a FREE Webinar. Read on.
Gold rallied BIG Thursday, as it seems the market began to move money out of stocks and into safety. On the second trading day of the month, I called for Gold to rally big into the end of the month. Halfway through the month, Gold is already within a handful of points of reaching the bottom end of my target range, which shows how truly strong that Gold move was yesterday.
The market continues to remain bullish, with each pullback leading to a high-probability buying opportunity, as was the case during Tuesday’s market. The main level that I’ll be focusing on today is 3140 in the NQ, the E-Mini NASDAQ 100 futures contract.
The market continues to trade near the overall highs of the year, which continues to show how impressively bullish this market has been. My focus remains to buy pullbacks within the corresponding bull trends of each of the markets I follow. The NASDAQ remains a major index to follow, as its tightly-coiled range suggests a major breakout move could be around the corner.
The S&P 500 futures are approaching a major level of support at 1670, with an additional band of support that spans from 1665 to 1666.25. How price responds to this zone could tell us how the market will react throughout much of the early part of the week.
