The Laforest Report Pre- market Tuesday 13th January S&P -0.81% Gold 1232.6 +$16.7 Ftse unchanged $AUD 0.8153 -47 Dax +1.38% Crude 4607 -$2.29 Further Selling Pressure US Markets could not hold European gains and rolled over heavily on the open taking out Fridays lows and then settling into tight afternoon trade. Commentators claim that a significant sell off in crude was the contributing factor but the reality was the European bid was a trap and the market wanted to continue Fridays slide . There no doubt appears to be a degree of nervousness surrounding price action ( perhaps ahead of US earnings season ) with gold and US bonds reflecting this mood. Markets are now trapped between last weeks low and 100 ma where good support is to be found and the pre new year high at 1293 The spi very much reflects this as well with support coming in at 5320, 5332 ( 20d ma) and 5370 See last nights report. So we remain neutral and await further price confirmation with the bias now down, caution is no doubt required and we must see how the market reacts on these sell offs. A couple of charts I am looking at is gold , and breakout on the top side on the dailies- see below And a dax/cac flag/pennant formation Today we wil be looking Chinese data and of course crude price action Have a great day Rob laforest
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