Daily Review and levels for EUR/USD, S&P500, Dollar Index and Gold, June 4 2014

Dear traders,

Following up on this morning June 4, 2014 Daily Update on the 12 markets I follows, this is my take on the EUR/USD, S&P500, Dollar Index and Gold for the coming days:

EUR/USD: better to wait the decision of the ECB on Thursday. Not a time to get involved in my opinion. If you fear that this market will continue lower without us, fear not!
This market will eventually retrace into one of the measured moves indicated in the video (1.3680 or 1.3710 – estimated at current lows – levels that I have indicated also in the weekly review)  and we will let market action decide.

S&P500 e-mini futures: above that critical 1916 level. It could retrace into 1904 before continuing higher. This market is moving in extension longs and in my opinion this type of move is not sustainable in the long-term

Dollar Index futures: this contract is still trading an extension long that was identified on May 20. The first target at 80.60 was hit and now this market has to potential to be moving into the second target at 80.90/81. After that we should witness a retrace (depending also on ECB decisions)

Gold mini: Now that previous support area starting at 1,286 has given way the market has confirmed shorts with the first target level of the largest daily short (1,333 area) at 1,250 being reached. I do not anticipate a large retrace when shorts will start taking profits (this could have started already). Shorts could enter the market again at 1,261 with a stop above 1,266.50.

Notice that price projections in my method are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary method based on modeling effects of Program and Algorithmic Trading on price.

I like to help traders “level plain” the trading game showing what banks, institutions and big hedge funds are actually doing (and not what they are saying they are doing). Follow my work to learn how to spot the Algorithmic Trading footprints.

I send a free Newsletter in the weekend and provide updates throughout the week. The newsletter typically includes 3 video reviews for (1) EUR/USD, Dollar Index, S&P500 emini and Gold emini; (2) the Japanese Yen majors, i.e. USD/JPY, EUR/JPY and GBP/JPY; (3) the other majors: GBP/USD, AUD/USD, USD/CAD. Please, register here to receive the free weekly newsletter.

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Have a great trading day

The FibStalker Giuseppe, ~the FibStalker

 

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