Markets were mainly driven by Q3 earning season figures which were generally better than expected and the rescue package for the EU where people bet and hope on a positive outcome. Markets turned slightly bullish. However I expect that a lot of the hope is already priced in the markets. EU rescue won't be fixed in the next meeting it will be a rocky road.
Main stock indices:
DAX is moving between the main resistance and the 50d MA. I'm expecting a retesting of the 50d MA before we can move higher.
SP500 made it above this main resistance. A move up to the SHS neckline which is equal to the 200d MA is possible but up side is limited. I also expect a retest of the 50d MAs.
China: Shanghai Index is sitting on the 2010 low and could find a support here. Apart from that no reversal pattern yet.
Further trading ideas:
Gold: I'm expecting GLD to hit it's support at around 156.5 before it probably goes further down to test it's 200d MAs.
TBT: I expext TBT to break it's short term resistance and hit it's main trends in the mid term
Shorts: VNO rising wedge:
Long: NOK; after breaking the resistance the first goal would be around 7.10
DAX is moving between the main resistance and the 50d MA. I'm expecting a retesting of the 50d MA before we can move higher.
Gold: I'm expecting GLD to hit it's support at around 156.5 before it probably goes further down to test it's 200d MAs.
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