At A Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — Aug (#GC)	4137.17	4203.13	4303.37	4369.33	4469.57
Silver (SI) — July. (#SI)	63.89	65.73	68.69	70.53	73.49
Crude Oil (CL) — July. (#CL)	71.11	73.21	76.20	78.30	81.29
Sept. Bonds (ZB) — Sept. (#ZB)	112 8/32	112 18/32	112 31/32	113 9/32	113 22/32

FOMC is behind us.

fomc

usually the real price action comes the day after the FOMC.

Today’s statement was one of the shortest since Greenspan (Warsh wants to use very little words. no forward guidance in the statement.

The market did not seem to like it very much so far…..

July – September Wheat Spread

The July – September Wheat Spread broke out and satisfied its first upside PriceCount objective to the -7 area. It would be normal to get a near term reaction from this level in the form of a consolidation or corrective trade. IF the chart can sustain further strength, the second count would project a possible run to the -4 area.

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk.

Learn more at www.qtchartoftheday.com

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