S&P 500 Weekly Price Forecast – Stock Markets Recover After Initial Plunge for the Week

The S&P 500 has initially plowed lower during the course of the week, only to turn around and show signs of life again. The hammer that formed during the course of the week suggests that we have further to go to the upside and could very well take off again. After all, the market has shown itself to be resilient over the longer term, and therefore it is likely that we will continue to be bullish in general. After all, the Federal Reserve will do everything it can to lift the market, despite the fact that it has suggested that there is the likelihood of tapering by the end of the year.

S&P 500 Video 27.09.21

Now that the market has completely recovered from the FOMC meeting and statement, it is very likely that we will continue to see buyers come in based upon the fact that longer-term we always go higher. The market breaking down below the bottom the hammer would of course be very negative, and at that point in time I might be a buyer of puts. Nonetheless, it is very unlikely that will be the case and I do think that eventually we go looking towards the 4600 level. The market breaking above that level then opens up the possibility of a move towards the 5000 handle.

I would anticipate a little bit of noise, but now that we are done with this week, it certainly looks as if we are going to continue to find reasons to go higher. Quite frankly, even though the interest rates in America are rising just a bit, the reality is that interest rates are still very low, so that continues to favor stock markets.

For a look at all of today’s economic events, check out our economic calendar.

Crude Oil Weekly Price Forecast – Crude Oil Continue to Show Upward Momentum

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially fallen during the course of the week to retest the downtrend line that we had recently broken out of, and then turned around to show signs of life again. By forming the hammer that we have, it does suggest that we are going to go higher, perhaps reaching towards the $80 level above. If we break down below the bottom of the candlestick, then it is likely that we continue to go lower for the short term. Nonetheless, the crude oil markets see a lot of demand, and most analysts out there believe that we are going to continue going higher.

The fact that we closed at the top of the range suggests that there should be more momentum, but I would look for some type of short-term pullback in order to get long again, as the market would be able to go higher based upon value.

WTI Oil Video 27.09.21

Brent

Brent markets have pulled back during the course of the week, only to turn around and show signs of life again. By breaking above the candlestick from the previous week after falling, that shows that we have plenty of bullish momentum. In fact, based upon the December contract, we are at the highs again and it is likely that we go looking towards the $80 level. If we were to turn around a break down below the candlestick from the previous week, then it is likely that the market will have to test the $70 level for support. Breaking down below that could open up a flood of selling.

For a look at all of today’s economic events, check out our economic calendar.

S&P 500 Price Forecast – Stock Markets Recognize 50 Day EMA

The S&P 500 has pulled back just a bit during the course of the trading session on Friday, to reach down towards the 50 day EMA. The market turning around to form a bit of a hammer of course is a bullish sign, which of course jives well with the last couple of trading sessions. At this point, if we can break above the 3475 handle, then I think it gives the “all clear” for the market to go higher. After all, we have gotten through an FOMC meeting and ended up seeing a recovery after we had initially seen a bit of concern.

S&P 500 Video 27.09.21

That being said, the market is likely to continue to see a lot of buying opportunities on pullbacks, as the Monday candlestick bottom is a significant support level. If we were to break down below there, then it is likely that I will be a buyer of puts, as the market more than likely goes lower, but you certainly cannot short the market in this type of environment. After all, the Federal Reserve will step in and do something if we fall enough, and the 200 day EMA is starting to approach the 4200 level which would be the target.

On the other hand, we have recovered quite nicely, and the weekly candlestick is a hammer. In other words, the market is more than likely going to continue to go higher. I would build my position as things continue to go in my way. Regardless, the only thing I want to do in this market as that actually come out and short it.

For a look at all of today’s economic events, check out our economic calendar.

Crude Oil Price Forecast – Crude Oil Markets Continue to Rally

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday, reaching towards the $74 level. That being said, the market has recently made a “higher high”, and therefore I think short-term pullbacks will more than likely come into the picture. The 50 day EMA is curling higher and is sitting just below the $70 level, so I think that it is only a matter of time before the value hunters come back into the picture. That being said, if we were to turn around and break down below the $67.50 level, then things could change as it would be very negative and could open up a bit of a “trapdoor opening.”

Crude Oil Video 27.09.21

Brent

Brent markets have also rallied during the course of the trading session on Friday as well, as it looks like we are ready to go looking towards the $80 level. We recently made a “higher high”, which of course is a very bullish sign, but we have rallied quite significantly over the last three days, so it makes a certain amount of sense that the market pulls back only to find value. The $75 level underneath would be massive support, and as a result I think value hunters will come back into the picture.

Regardless, I think it is obvious now that you cannot be a seller of the oil and it certainly looks as if it is going to continue to find plenty of reasons to go to the upside. The US dollar falling would help, but quite frankly I think it has detached itself from the correlation to the greenback at this point as demand has become such a major issue.

For a look at all of today’s economic events, check out our economic calendar.

Silver Weekly Price Forecast – Silver Markets Give Up Early Gains for the Week

Silver markets have initially rallied during the course of the week to show signs of strength again, but then turned around quite drastically on Friday to test the $22 level. The $22 level is important from what I can see, and if we were to break down below there it is likely that the silver market will fall apart. This of course is a very important level, and therefore I think that it is only a matter of time before we break down there based upon what I am seeing right now.

SILVER Video 27.09.21

At this point, the market certainly looks as if it is threatening this move, but if we were to turn around and take out the top of the inverted hammer, that could send silver much higher. That point in time would send the market looking towards the 50 week EMA near the $24.62 level. Breaking above there, then it is likely that the market goes looking towards the $26 level.

All things been equal, this is a market that continues to see a lot of back and forth, and of course the US Dollar Index has a negative correlation to it, so you need to see how that behaves in order to get an idea how this will. If the US dollar falls apart, that will help silver, and of course vice versa, as silver is so highly sensitive. Silver of course has been underperforming gold, and that continues to be a major factor to trading this market. All things been equal, this is a market continues to see noisy trading more than anything else.

For a look at all of today’s economic events, check out our economic calendar.

Natural Gas Weekly Price Forecast – Natural Gas Markets Form a Hammer

Natural gas markets have fallen during the course of the week to test the 50% Fibonacci retracement level from the most recent move to the upside. On the other hand, we have turned around to show signs of life and therefore I think it is likely that we are going to continue to grind to the upside. The previous week has formed a massive shooting star, which of course contradicts what we have just done over the last week. That being said, the market continues to hover around the $5.00 level, an area that of course will attract a lot of attention.

NATGAS Video 27.09.21

At this point, longer-term traders will be paying close attention to both the shooting star and the hammer, because if we break either one of these candlesticks, it is likely that it will kick off a bigger move. If we break down below the bottom of the hammer, that opens up a move towards the $4.50 level, where we might see a little bit more in the realm of value hunting. On the other hand, if we were to turn around a break above the top of the hammer, then we will probably test the top of that shooting star. Breaking above there could then open up another massive move to the upside.

At this point, the market continues to see a lot of indecision, but I think longer term we continue the overall trend. If we were to drop down below the $4.50 level, then I think you have to look at the possibility of a collapse, which quite frankly after this type of parabolic move is something that is still possible.

For a look at all of today’s economic events, check out our economic calendar.

Gold Weekly Price Forecast – Gold Markets Give Up Early Gains for the Week

Gold markets have initially rally during the course of the week but gave back gains in order to form a bit of an inverted hammer. The $1750 level continues to offer support, and therefore if we were to break down below there then I think it is likely that we drop towards the $1680 level. Breaking down below that level would open up a huge move down to the $1500 level. On the other hand, if we were to turn around a break above the candlestick for the week, then it is likely that we go looking towards the $1835 level.

Gold Price Predictions Video 27.09.21

The US Dollar Index of course has a negative correlation to gold, and as a result it is likely that the dollar rising will work against the value of gold. On the other hand, if the market sees the US dollar falling, that will give a lift to gold markets going towards the 50 week EMA. Breaking above that then would add more momentum into this marketplace, opening up the possibility of a breakout.

Interest rates in the United States of course have a major influence on gold, as rising rates are a killer for the value of gold. That being said, the market is likely to continue to see that 10 year yield correlation come into effect as well. Nonetheless, this is a market that certainly looks as if it is ready to drop, so a break down below the candlestick has me not only shorting this market, but perhaps a bit aggressively.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Forecast – Silver Markets Bounce From Significant Support

Silver markets have gone back and forth during the course of the trading session on Friday as the $22 level underneath has offered quite a bit of support. That being the case, the market is likely to continue to see this area as important, but if we break down below the $22 level, it is likely that this market falls apart, and opens up a move towards the $20 level.

SILVER Video 27.09.21

On the other, if we were to turn around and break above the $23 level, then it opens up the possibility of a move towards the $24 level. The $24 level has been an area where we have seen a lot of selling pressure, and therefore it is likely that we would continue to see that as a barrier for the longer-term move. All things been equal, this is a market that is also facing the 50 day EMA as major resistance as well, and therefore I think it is only a matter of time before we see the market selloff on signs of exhaustion.

Pay attention to the US Dollar Index, as the value of the US dollar can have a major influence on what happens next. Keep in mind that the US Dollar Index has a major negative correlation to this market, so if the dollar starts to rally again, that will almost certainly see send the silver market much lower. On the other hand, if the US dollar falls apart, that could send the silver market much higher. All things been equal, there is a lot of choppy volatility in this general vicinity, so you need to be cautious about your position size.

For a look at all of today’s economic events, check out our economic calendar.

Natural Gas Price Forecast – Natural Gas Markets Have Noisy Session

Natural gas markets have gapped a bit higher during the course of the trading session on Friday as we continue to see natural gas attract a lot of attention, but quite frankly this is a market that has been desperately needing the pullback that we have just seen. If we can break above the top of the candlestick for the session on Friday, then it is likely that we go looking towards even higher pricing further. We have gapped above the $5.00 level to show signs of life again.

NATGAS Video 27.09.21

To the downside, the area has obvious support near the $4.75 level, which is an area that has been massive support multiple times. That being said, if we were to break down below there it is likely that we could unwind to go looking towards the 50 day EMA. We have recently bounced from the 50% Fibonacci retracement level, which of course attracts a lot of attention in and of itself. Keep in mind that the market is likely to continue to see this as a market that will continue to play based upon the lack of supply coming out of the southeastern part of the United States and of course the massive amount of demand coming out of the EU.

All things been equal, this is a market that I think may retest the highs as we go into colder weather down the road. Furthermore, a lot of people are starting to wonder whether or not this is simply going to continue to reinflate right along with the other commodity markets.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Forecast – Gold Markets Try to Recover Into the Weekend

Gold markets have rallied a bit during the course of the trading session on Friday to defend the $1750 level yet again. This is an area that has been supportive more than once, and therefore I think it is likely that we will continue to see this area as important. That being said, if we were to turn around a break down below the lows of the trading session on Thursday, then the market is likely to go much lower, perhaps reaching down towards the $1680 level underneath. That is an area that has been a massive support previously, and therefore it makes quite a bit of sense that it will act as a major barrier. That being said, the market should see a lot of buying pressure in that general vicinity.

Gold Price Predictions Video 27.09.21

If we were to break down below that level, then it is likely that the market would go looking towards the $1500 level. To the upside, if the market were to break above the top of the candlestick on Thursday, then we may make a move towards the 200 day EMA, which is right at the $1800 level. At this point though, the gold market looks less likely to rally than fall apart. Pay attention to the US Dollar Index, it has a major negative correlation to this marketplace. If the US dollar starts to spike again, that will almost certainly put downward pressure on the gold market. Pay close attention to the interest rates coming out of the United States, as it will have a major influence on what happens with gold next.

For a look at all of today’s economic events, check out our economic calendar.

USD/JPY Weekly Price Forecast – US Dollar Testing Resistance

The US dollar initially fell against the Japanese yen during the course of the week but found support just above the ¥109 level. This is an area that has been resistance previously, and therefore I think it will be interesting to see if we get through. If we do, then the ¥111.50 level could offer quite a bit of resistance. If we break above there, then the market goes looking towards the ¥112.50 level. Furthermore, when you look at this chart, you can see that we have been in a range for a while, with the ¥110 level being a bit of a magnet for price. All things been equal, this is a market that I think continues to see a lot of choppiness, but you should keep in mind that this market is highly risk sensitive.

USD/JPY Video 27.09.21

If we break down from here, then the market is likely to test the ¥109 level yet again, and if we break down below there, the market is likely to fall even further. With that being said, the market tends to favor the Japanese yen when there is a lot of concern out there. That being the case, pay close attention to this market. That being said, the market is also forming an ascending triangle, so we need to make some type of decision sooner or later.

The move has been rather strong, but at this point now we are really starting to press the issue when it comes to the technicals when it comes to the market, and therefore we need to see some type of clarity but it certainly looks as if it is starting to favor the upside.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Weekly Price Forecast – British Pound Tests Major Support Level

The British pound has fallen significantly during the course of the week only to turn around and form a bit of a hammer. That being the case, the market looks as if it is going to continue to look at the 1.36 handle, which is an area of significant support. On the other hand, if we were to turn around a break above the candlestick, then it is likely that we go looking towards the 1.39 handle. Quite frankly, the British pound looks rather well supported.

GBP/USD Video 27.09.21

On the other hand, if we were to break down below the 1.36 handle, then the market could fall quite drastically. At that point, I think we could unwind for a bigger move, but clearly it looks as if it is going to be difficult to break down through there. If we do, the market is likely to go much lower. At that point, the market is likely to go opening up for a move to the 1.30 handle. All things been equal, this is a market that sees a lot of noisy behavior, but when you look at this chart, it is obvious that we are trying to figure out what to do for a bigger move.

You could even make an argument for a little bit of a symmetrical triangle being formed but is still early for that. The one thing I think you can count on is a lot of choppy behavior and hesitation. At this point, market is going to continue to be a lot of noise more than anything else.

For a look at all of today’s economic events, check out our economic calendar.

GBP/JPY Weekly Price Forecast – British Pound Turned Around to Show Support Again

The British pound has fallen significantly during the course of the trading week to reach down towards the significant support level underneath before bouncing again. Because of this, it looks as if the market is trying to recover for a bigger move, but there are quite a few hurdles above that offer a certain amount of resistance. The ¥152.50 level course is an area where we have seen a lot of resistance previously, so it would obviously be an area of interest for sellers to get involved. That being said, if we break above there the market then goes much higher.

GBP/JPY Video 27.09.21

If we were to turn around a break down below the bottom of the candlestick, it would be a very negative turn of events, perhaps opening up a move down to the ¥145 level, and then followed by the ¥140 level. That being said, it would take quite a bit of effort to make that happen, so I am not necessarily looking for that scenario right away. The market breaking down below the bottom of the candlestick would of course send a flood of new sellers into the market, so I think at that point in time you could get aggressive. Until then, the market is going to be very choppy and listless, as we have seen over the last couple of months. All things been equal, things look as if they are sticking to a range in general, but pay close attention to the bottom of this candlestick as it could kick off a huge move.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Weekly Price Forecast – Euro Forms Choppy Candlestick

The Euro has gone back and forth during the course of the trading week to form a bit of a neutral candlestick, as we are sitting just above the crucial 1.17 handle. This area has been significant support, which is likely to be a major factor in the markets going forward. At this point, the 1.16 level would be a target if we break down, but at the same time if we break to the upside of the candlestick, we could go looking towards 1.1850 level.

EUR/USD Video 27.09.21

The market is going back and forth, showing signs of hesitation. At this point in time, the market is likely to see a lot of attempts to find clarity, but at the end of the week we have seen very little in the way of decision. Ultimately, this is a market that continues to see a lot of choppy and hesitation when it comes to making a bigger move, but that is not a huge surprise when it comes to the market, as it tends to be very choppy in general. If we break down below the 200 week EMA, then it is likely that we go much lower.

To the upside, the 1.1850 level has been resistance, and if we can break above that level, then the market could go looking towards 1.20 handle. This is all about the US dollar, so you need to pay close attention to how is behaving against other currencies get an idea as to where we are going next in this pair. Quite frankly, this is a difficult paired to trade from the longer-term standpoint, but when you look at the chart, you can make an argument for a bit of a topping pattern.

For a look at all of today’s economic events, check out our economic calendar.

AUD/USD Weekly Price Forecast – Australian Dollar Has Choppy Week

The Australian dollar has gone back and forth during the course of the trading week, showing signs of hesitation and confusion. That being said, the market is very likely to continue seeing a lot of indecision, as there are so many issues in China and that of course has a major influence on risk appetite. Australia is particularly sensitive to the Chinese mainland, and the export situation to that economy. With that being the case, I think you can continue to see a lot of noisy behavior.

AUD/USD Video 27.09.21

I would also anticipate that over the weekend we will probably get some type of headlines over the weekend that could move this market, so I would not be surprised at all to see the Aussie jump or fall apart right at the open. The 200 week EMA is sitting just above, and therefore if we break above there it is likely that we could go looking towards the 0.7450 level. On the other hand, if we break down below the 0.70 level, this is a market that could fall apart and then go looking towards the 0.6750 level.

The market continues to see a lot of noisy behavior, but ultimately this is a market that needs to make a significant decision one way or another. With this being the case, I think that this is a market that continues to see a lot of noisy behavior, but once we get some type of break out from this candlestick, we could get something to follow. Until then, I think the market is likely to be very noisy.

For a look at all of today’s economic events, check out our economic calendar.

USD/JPY Price Forecast – US Dollar Rallies Towards Resistance Again

The US dollar has rallied again during the trading session on Friday to reach towards the ¥110.75 level. This is an area that continues to show a lot of resistance, so it would not be surprising to see the market rollover from here. If it does, that will drag a lot of the Japanese yen related pairs lower, as it is a strength or weakness meter for the Japanese yen overall. At this point in time, we are approaching the very top of where we have been for several months, and therefore it is not surprising at all to see a little bit of trouble.

USD/JPY Video 27.09.21

That being said, if we were to break above the ¥110.75 level, the market could very well go looking towards the ¥111.50 level. On the other hand, the ¥109 level underneath is massive support, sitting at the 200 day EMA as well. If we were to break down below there, then the market would almost certainly fall apart. That being said, I just do not see how it happens, so I think at best we are probably looking at consolidation in general.

The ¥110 level has been a bit of a magnet for price, as it is essentially “fair value” for the overall consolidation area that we have been in. It is also a large, round, psychologically significant figure, and therefore bit of a magnet for price as well. With this, I think you are looking at a market that will attract a certain amount of selling pressure in the short term, but obviously if we break out to the upside yet to change your tactics rather quickly.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Price Forecast – British Pound Fails at 200 Day EMA

The British pound has initially tried to rally during the course of the session on Friday but then gave back gains near the 200 day EMA. That being said, the market is likely to continue to reach towards the 1.36 handle underneath. The 1.36 handle has been an area of support previously, and therefore if we break down through that I think that the market will probably fall apart. Quite frankly, that is an area that has been important multiple times, and therefore I think it would attract a lot of attention if we fall through it.

GBP/USD Video 27.09.21

Breaking down through that level then opens up the possibility of a move down to the 1.35 handle, possibly even down to the 1.30 level over the longer term. I have no interest in trying to get long of this market anytime soon, with the 50 day EMA curling towards the 200 day EMA. If it does break down below it, then you get the infamous “death cross” that a lot of people pay so much attention to. The market is likely to see a lot of traders trying to push through the bottom, and if they do, it is very likely that the market goes looking towards much lower levels.

If we did somehow break above the 50 day EMA, then it would be a very bullish sign, but it is not until we break above the 1.39 level that I would start to get truly bullish. At that point, I think that the British pound could take off towards 1.42 handle. Obviously, that would take a lot of effort, but if we did break out to the upside it would be an explosive move.

For a look at all of today’s economic events, check out our economic calendar.

GBP/JPY Price Forecast – British Pound Gives Up Early Gains

The British pound has initially tried to rally during the trading session on Friday but gave back early gains as it looks like the impulsive candlestick from the previous session is being fought against. Whether or not we can continue to pullback will probably be greatly influenced by the USD/JPY pair, as the strength or weakness of the Japanese yen can show up in that market. That being said, the British pound itself is relatively strong, and therefore it is very possible that although we pull back, and drop from here, the possibility is that it is choppy on the way down.

GBP/JPY Video 27.09.21

On the other hand, if we were to turn around a break above the top of the candlestick for the Friday session, it is likely that we could go looking towards the 152 ¥0.50 level, which is where we had seen a lot of resistance previously. As things are turning around at the moment, and very much looks like we are going to go looking towards the ¥149 level underneath. Breaking down below that level will open up quite a bit of selling pressure at that point, because quite frankly the market is looking very likely to be forming a larger topping pattern.

Looking at this chart, we have made a longer series of lower highs, but we obviously have a significant support barrier underneath. That being said, if we do break down through that barrier, this is a market that will be very negative to say the least, but at this point in time we look as if we are ready to continue chopping around in this area.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Price Forecast – Euro Gives Up Gains Heading Into the Weekend

The Euro initially tried to rally during the trading session on Friday but then broke down from here to show signs of weakness again. That being said, the market looks as if the 1.17 level is going to be targeted, and if we break down through their it is likely that we could go looking towards 1.16 level. The market has been in a downtrend for a while, and therefore it is likely that we will continue to go to the downside.

EUR/USD Video 27.09.21

To the upside, the market breaking above the 1.175 level would open up the market for a move towards the 50 day EMA. The 50 day EMA of course is sloping lower and showing signs of negativity. At this point, it is very likely that the market will continue to see this as a negative area of resistance, so keep that in mind. If we break above it, that could be a huge difference, but at this point we are starting to ask questions of the US dollar strength around the world, and this will be a great indicator as to where the dollar is going against multiple other currencies.

If we turn around a break above the highs of the last couple of days, the then I think the short term downward pressure could in for a short-term move, but all things been equal, this is a market that is going to be asking questions as to whether or not we had just formed a double bottom, or are we going to continue to grind lower?

For a look at all of today’s economic events, check out our economic calendar.

AUD/USD Price Forecast – Australian Dollar Gets Hammered During Friday Session

The Australian dollar has initially rally during the course of the trading session on Friday but gave back gains rather rapidly as situations in China continue to cause issues with risk appetite. The Australian dollar of course is very sensitive to the overall risk appetite around the world, and as long as we have problems with the overall risk situation, the Australian dollar will be somewhat sensitive to the latest headlines.

AUD/USD Video 27.09.21

To the downside, we have the 0.72 level is a major support level, and therefore if we break down below there, I think that the Australian dollar will fall rather hard. At this point in time, the market is likely to continue to see downward pressure as there are a lot of concerns around the world beyond China as well. That being said, the market is likely to see a lot of noisy behavior. That being said, if we do turn around and rally to take out the candlestick to the upside from the previous session, then we could go looking towards the 50 day EMA above.

The market will continue to be noisy regardless, due to the fact that there are so many moving pieces right now. That being said, we have been in a downtrend for a while so it should not surprise that we have continued to see downward pressure. All things been equal, this is a market that I think that this is a market that continues to see a lot of negative pressure, and therefore at this point in time it is likely that we will continue to see pressure, and therefore I am paying close attention to the bottom of the last several candlesticks.

For a look at all of today’s economic events, check out our economic calendar.