S&P 500 (DEC)
The VIX did not close Friday end of day below 29 which indicates that there is still a lot of fear amongst the traders/investors.
We don’t hold a position, the important levels to watch are 3660 and 3718.
Above 3718 the S&P re-activates a buy signal which also re-elects a long signal.
Below 3660 which is support the S&P will still drift lower and that will re-elect a short signal.
As we are closed till Wednesday we suggest to keep a tight stop if either of the signals get activated.
The possible upside targets that we gave last week remain valid.
On the flipside although not confirmed if support in the S&P breaks again then we the next projected low is just below 3600.
Keep focus on these two levels:
In other words, if the S&P trades below 3660 then we want to go again long above that level.
It is for you to monitor the trade, but our overall model is looking for a significant bounce, which we already mentioned last week.
VIX (Cash)
The VIX reached Friday our 31 target and we have no higher target for now.
To re-activate a sell signal the VIX needs below 27.50.
Gold (DEC)
Gold failed to close on Friday above 1658 which technically indicated a short term bearish outlook.
However, the overall short term technical model is not that weak and we stay focus on the upside.
Above 1661 is now needed for Gold to re-elect a buy signal and that is the level we suggest to go long again.
Silver (DEC)
Silver also corrected and is technically on a short term sell signal.
Here we need Silver back above 19.05 to re-activate a buy signal and that is the level that re-elects a long signal.
Copper (DEC)
Copper is near a projected short term low but it’s prudent that it stays above 3.29 to continue on a buy signal.
Crude (NOV)
Crude reached our 78 target and is now near a short term projected low.
We are focussing on a significant bounce here and above 81 re-activates a short term buy signal, which also re-elects a long signal.
Support level for Crude (NOV) is 75.00.
Bitcoin (BTC/USD)
Next downside target of 17826.
A good close above 20K pauses the down-move short term and activate a short term buying opportunity.
However, for now we suggest to not take the signal as there is still no confirmed tradable low.
To all our Jewish subscribers -wishing you a Happy, Healthy and prosperous New Year!
We are back on Wed