World Headlines 2010-10-26

RQ Cross Box: 2010-10-26

Updated 7:00 est - TECHNICAL TUESDAY - US EQUITIES - Major indices displaying inverted hammer formation on top of recent rally's resistance levels. Potential profit taking setting up for the week. COMMODITIES - Crude Oil broke upward trend channel, potential new downward trend channel forming. Expect increased volatility at these key pivotal levels. Gold prices contained within upward channel, currently trading at support. However, take note of possible bearish head and shoulders forming at key level, setting up for volatile price action in either direction. Corn futures trading at top of recent gap and rally with symmetric triangle formation. CURRENCIES - Euro has paused from recent rally and is trading outside of upward channel with symmetric triangle formation. Recent British Pound price action has been within a horizontal support and resistance level with 200 +/- pip moves intra-day. ECONOMIC DATA - Key data this week is expected to move the major markets from current key levels. Data results might shed some insight to extent of QE from the Fed. The recent rally in "risk' trades could be vulnerable should US economic data show signs of recovery. Today we have US Consumer Confidence at 10:00 est. UK MPC member Posen speaks at 12 noon and EZ Buba President Weber speaks at 1 est.

World Headlines 2010-10-26

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