During the day on Thursday, there’s a lot of announcements, but at the end of the day we feel that the Nonmanufacturing PMI numbers will probably be the biggest ones. At the end of the day, the markets will more than likely be anticipating the Nonfarm Payroll numbers coming out on Friday, so we would anticipate that most of the moves will be small in nature.

Gold markets look supported

The gold markets initially dropped during the course of the session on Wednesday, but then turned back around to form a hammer. It looks as if we are going to continue to go higher, and as a result if we can break above the $1260 level, the market should continue much higher. This is an ascending triangle, and that of course is a very bullish sign. Pullbacks are also call buying opportunities.

Chart 1

NASDAQ 100 pulls back

The NASDAQ 100 and pullbacks slightly during the course of the session on Wednesday, but with the impulsive candle that we had seen on Tuesday, we firmly believe that there will be buying opportunities below and as a result a supportive candle will be used in order to serve buying calls off of a short-term chart. If not, a break above the top of the daily candle would also be a call buying opportunity.

Chart 2

USD/CHF trying to rise

The USD/CHF pair continues to bounce off of the parity level, so if we can break above there we are call buyers. On the other hand, we break down below the 0.9950 level, we would be put buyers. Either way, this is a very short-term trade as far as we can see.

Chart 3

Print Friendly, PDF & Email