Daily chart for S&P
Daily chart for NASDAQ
The indexes broke clear of the wedge and are now on their way to the May 2010 highs. (1,220 on S&P) I am ruling out any possibility of a fake out rally now unless a strong reversal occurs within the next 2-3 days. Momentum is good and we should be at around 1,220 on S&P by end of the year. Whether we continue to rally after that is another issue.
Daily chart for Gold
Gold (GLD) hit my monthly pivot resistance at 132.67 and retraced. However I believe it is still set to hit my first target at 134. Gold is overbought right now and a correction would actually be good to for a longer run up.
Daily chart for Crude Oil (USO)
Crude Oil (USO) hit resistance and retraced as expected. I believe crude is still in a sideways trend and should remain this way for the next few weeks.
Daily chart for the Dollar (UUP)
USD (UUP) is still showing signs that it can go on for a lot more. The next support levels are 22, 21.94 and 21.78. I believe the bottom of the trend should be from one of those levels.
No comments:
Post a Comment