EUR/USD - Tried to break below support at 138.24, but without succes, which turned the EUR higher again and we are now in the proces of testing the 140 area (Ideally the 140.17 - 140.74 area). Only a break below 139.41 will ease the upside pressure, but we still need a clear break below 138.24 and more importantly 136.50 to confirm a top.
S&P 500 - It looks like we are in for a back test of the broken resistance-line back from October 12. I expect this test to be rejected for a break below 1,221 and more importantly 1,197, which should open up the downside for a decline to at least 1,150. Only a clear break above resistance at 1,270 will call for a move higher towards the 1,307 - 1,314 area.
Gold - Should still be headed for resistance at 1,748. I don't see a break of this resistance at this point and find it more likely we will see a new deep decline close to the 1,530 area, before the possibility of a more sustained rally could be seen.
Crude Oil - Was rejected near the 50% retracement target at 94.85. I still think we will at least retest this resistance, but I wouldn't be surprised to see a break towards the 61.8% retracemnet target at 99.57. From here I do think risk again will be to the downside.
Gold - Should still be headed for resistance at 1,748. I don't see a break of this resistance at this point and find it more likely we will see a new deep decline close to the 1,530 area, before the possibility of a more sustained rally could be seen.
Crude Oil - Was rejected near the 50% retracement target at 94.85. I still think we will at least retest this resistance, but I wouldn't be surprised to see a break towards the 61.8% retracemnet target at 99.57. From here I do think risk again will be to the downside.At this point only a break below 88.34 will relieve the upside pressure and call for a decline towards support at 84.10.
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