October 17 Daily Report on the Overall Market, Euro and Gold

Site Administrator | October 17, 2011

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This weekend we saw the occupy Wall Street protests spread from the US across the globe.  We also saw the first real instance of these protests turning violent in Rome which could cause uncertainty in the market if violence escalates.  Another important news item to focus on are the potential ratings downgrades.

The overnight SP's tested the 1230-1233 resistance area with a high just above 1230 and have since sold off back to 1214.  We are watching the following numbers very closely:  1230-33, 1220-22, 1216, 1206.  The key to the overall market right now seems to be in Europe and because of that we believe the Euro should be on everyone's quote page.  A pivot price we are using in the Euro right now is the 1.35 area which has been mentioned several times in our reports over the past few weeks.  Another market we touched on was gold and noted that bulls want to see this market stay above the 1655 area.  To see the full report, please click the video below:


The news site we mentioned in the report is Benzinga and they provide a great source of actionable trading ideas and news.  They also offer a free trial to their service at this link:  Benzinga Pro Trial.


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Disclaimer: Article written for traders and not English majors so please disregard any missing commas.