Daily chart for S&P
Daily chart for NASDAQ
S&P is just below resistance at 1,150 while Dow and NASDAQ had powered way ahead. Although at this stage, this may still be a fake out rally where the markets will gyrate and the weak hands will give way to stronger hands. I’m actually looking at the indexes to break above and move back up to test the high of the year at 1220 for S&P. I reckon the next few days will be as volatile as before as we approach October and the markets have to break strong resistances over the next few days.
Daily chart for Gold
Gold is as bullish as ever before and should continue to be for the next few years. However at this stage, I believe a correction would be healthy for a longer run ahead. My target is still for gold to reach 1425 by October 2011.
Monthly chart for BP
Daily chart for BP
The problems plaguing BP over the past few months had been finally over. With the current strength in commodities and in crude oil price, I believe BP will return to its former glory in no time. This would be a long term play and I will be targeting the BP at around 60+. Yesterday, after moving with the 50 day moving average for weeks, BP’s price formed an engulfing and a gap up. This is a very bullish signal when it happens right above the 50 day moving average. I’m looking at BP reaching 50 by end of November 2010.
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