FYI | Oct 31 2011
By Rudi Filapek-Vandyck
FNArena has added another video to its Investors Education section on the website. In the latest weekly update on markets, Jerry Simmons suggests AUD/USD is looking ripe for a major retreat. Now that the cross has surged to the 1.0750-1.0800 zone, he wouldn't be surprised to see it retracing back to 1.0400.
His view on copper is that the longer term trend remains down and this remains the case as long as copper remains unable to break down technical resistance at US$3.90/lb. He observes this is also where the 50% retracement is from the recent low.
Financial stocks have now put in a positive confirmation, reports Simmons. More confirmation is needed before we can safely assume a new major uptrend is in place.
His analysis shows the S&P500 index is enjoying strategic support at 1250-1257, and under that at 1220-1230. Strategic resistance is positioned at 1295-1300.
The Nasdaq index needs to break through resistance at 2415-2440. He observes the index is showing a good base of support which normally precedes a solid breakout.
A promising development has taken place for Chinese shares which could well have found the way to further upside. Former resistance has now transformed into support.
To view the ATW Strategic Prep Video click HERE or visit the FNArena Investors Education section of the website.
Here's the direct link: http://www.fnarena.com/index2.cfm?type=dsp_front_videos&vid=58
All views expressed are Jerry Simmons's, not FNArena's (see our disclaimer).
Jerry Simmons has over 25 years of full-time trading experience. He is the senior partner and head mentor for the “Masters” Programme within the education system at New York based Advanced Trading Workshop (ATW).
FNArena is pleased to have Jerry Simmons as a highly valued contributor to its service which aims at both educating investors and assisting them with their own market analyses.
The above mentioned videos can be accessed via the FNArena Investor Education section at http://www.fnarena.com/index4.cfm?type=dsp_front_videos)
