Big Round Numbers are on the minds of traders as we head into 10am Manufacturing News
Overnight news pushes commodity prices higher on rumors of rising prices, which has the markets moving this morning inside of its wide sideways ranges. The Dollar index plunged to its big round number of 76.000 as Crude heads to 99.00 and Gold back up to 1525.0. Looking at the news for today we have multiple news events at 10:00. New Homes Sales will be the big news event, along with the Richmond Fed Manufacturing Index, which is always an important leading news indicator for Crude Oil and Natural Gas later in the week. Reviewing the charts this morning we start with the Dollar Index where I can see the DX 06-11 contract has broken this sideways range to the upside. If you look at the 89range chart of the dollar it looks like a clean break out with a pullback, however, when you look at the 34range chart you see a much more ‘indecisive’ look at price action. I prefer to use the 89range to see the big picture ranges and then the 34 and 13 range charts can give me more detail to anticipate market personality.
(DX 89Range)
(DX 34Range)
With the dollar showing signs of rising prices today, and with the rumor news overnight we can assume something may cause these prices on the DX to keep falling back into this trading range allowing commodities to keep pushing higher. 
(CL 89Range)
Crude Oil Futures are trading inside their larger ranges this morning, although rising off the news overnight, we can easily trade inside this current price wedge we see on the 89range chart. I will use a 34-range chart to zoom in closer for more details, but this 89range is a very clear picture of the most important levels I will be using today. 
(GC 89Range)
Gold Futures look very similar to other commodities today. Rising prices, falling prices, wide sideways range with a price wedge. These price patterns make for easy trading opportunities if you have the right locations, and we will review those today in our live trade room. I will be using the Highs and Lows of this sideways trading range to make educated decisions. Im looking to sell the highs and buy the lows of any sideways range, using things like the BMT as a great final profit target for our day trading. As always, we will review my specific plan of attack with our members in our live trade room today, so come join us! We Love Your Feedback! Read and Post it here J Live Trade Room is open, come join us! Click here for helping logging into the Trade Room
