USD Pointing Higher, Crude Lower

Summary:  Still don't trust the orientation of the MMI crude signal, but continuing with the current orientation pending confirmation, MMI is looking down through Tuesday.  There are no gold or USD trade signals for the long weekend.  However, the USD chart is pointing up.

Outlook next few weeks:  The outlook for the general trend over the next few weeks is topping for crude, bottoming for gold, and topping for the USD.  

Daily MMI Commodity Signals:  The latest daily signals are posted under each commodity section.  While the signals were developed with futures contracts, they can be traded using a variety of ETFs.  Changes to next day MMI signals may occur about 5% of the time, and will be announced in updates and in the daily reports should they occur.  Same day signals will not change.  Day 2, 3, or later signals reflect the most current information, and are subject to change.  Unless otherwise specified, the default trade per the daily signal is executed at market on close week days (5 PM for futures) and market on open for the weekend (6 PM Sunday for futures). A Wednesday buy signal for example, is for Tuesday close to Wednesday close.  As daily up/down signals, the MMI signals are correct about 60% of the time.  The higher probability (H.P.) signals are correct about 65-70% of the time.  Please manage your trading risk accordingly.

MMI Crude

Latest forecast info:  Looking down, but still not confident.

    CL   Trade Signal H.P. ?**
4/22 (open)   SELL?  
4/22   SELL?  
4/23   SELL?  
4/24   NONE  

**.H.P. = Higher Probability Trade Signal

MMI Gold Latest forecast info:  No trade signals over the long weekend.

Weekly buy level: Longs favored above 1279 GC M. 

Weekly sell level: Shorts favored below 1277 GC M.

    GC    Trade Signal H.P.? **
4/22 (open)  NONE  
4/22    
4/23    

**H.P. = Higher Probability Trade Signal

MMI U.S. Dollar Index

Latest forecast info:  No trade signals over the long weekend.  However, the chart is pointing up.

     DX       Trade Signal H.P. ? **
4/22 (open)  NONE  
4/22    
4/23    

**H.P. = Higher Probability Trade Signal

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."