With some serious moves unfolding in key markets today, today top Citi analyst Tom Fitzpatrick warned King World News that gold, stocks, the dollar and euro are all now poised for major moves! Five key charts are also shown.
October 22 (King World News) – Top Citi analyst Tom Fitzpatrick
The Stock Market
The S&P has bounced back to decent resistance levels at 2,040 – 2,051, where horizontal levels, the trendline resistance and the 55 week moving average converge.
As long as we remain below the 55 week moving average on a weekly close basis, we believe another leg lower towards the 200 week can still be seen.
WTI Crude broke out of its triangle consolidation and traded higher to test the 200 day moving average (currently at $50.71) before turning lower.
Price is now holding at a confluence of support levels including the 76.4% retracement of the September low to October higher move ($45.03), the 55 day moving average ($44.87) and former triangle resistance (now support, $44.72) – (see chart below).
Should these levels hold with price turning higher, resistance will be found at the 200 day moving average and the October high ($50.92). A close above there suggests WTI Crude could be on its way to $56.51 and then the $61.82 – $62.58 area (see chart above)…
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Fitzpatrick also included three additional charts — one of the euro, which is projected to head higher, and one of the dollar, which is projected to head lower, and one of the gold market, which is projected to head higher (see all three charts below).
Euro Headed Higher
U.S. Dollar Headed Lower
Tom Fitzpatrick continues: “On July 20 Gold set a low not seen since early 2010 and then turned higher from $1,073. After rallying over 8%, price turned lower to test the 76.4% retracement ($1,096) of that rally (see chart below).
Since then, price has moved another 8% higher and now faces resistance at the 55 week moving average at $1,184 as well as a downward sloping trendline at $1,180. A weekly close above there, if seen, would leave room for price to trade up to the 2015 high above $1,390 near the 200 week moving average (see chart above).”
***ALSO JUST RELEASED: Famed Economist Richard Yamarone Just Issued A Dire Warning CLICK HERE.
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