Daily chart for Dow
Weekly chart for S&P 500
Daily chart for S&P 500
On weekly charts, both S&P 500 and Dow hit the 200 week moving average and failed to break above. On daily, both made a lower high.
I believe we had already began the long awaited correction. I believe we will be making new highs after this correction but we would have to continue to monitor the situation. On the S&P, my first support would be at the 50 day moving average at around 1165 and the next support would be at the January highs of 1143.
Gold
Daily chart for Gold
Gold seems to have found support and is poised to break it’s previous high of 1215. From December 2009 till now, it has formed a inverted head and shoulders pattern and has bounced off the head and shoulders support at 1130 around mid April 2010. Gold should be breaking up to around 1230 in the next few weeks.
Crude Oil
Daily chart for Crude Oil
Crude bounced off support at 82.50 a few days ago. I do not think that it will be making new highs but I’m getting some signals that are showing otherwise. I will be looking closely at crude over the next few days.
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