Daily chart for S&P
Daily chart for NASDAQ
We are now in the midst of another bounce that should bring us up to around 1,215. With the market having fallen so much within such a short period of time, and with the markets so far away from the 50 and 200 day moving averages, i believe we should range in a volatile, sideways fashion (between 1,115 and 1,215) for 2-3 weeks before it continues it’s movement down to my final target at 1,000.
Daily chart for Dollar
A bullish divergence MACD and RSI pattern had been building in the dollar for weeks. I believe we should see the dollar dip one more time before beginning a long rally up to around 23.50 on UUP. This should be around 76 on /DX.
Daily chart for Gold
Quote from my market analysis 2 weeks ago:
“Gold spiked right past it’s Fibo retracement XOP level at 1,725 in one huge candle last Monday and has kept above this level. Now if gold does not break below this level and bounces off, I have a final target at 2,000.”
Gold had indeed bounced off 1,725. We should see gold at 2,000 soon.
Daily chart for Silver
Silver bounced off a range of moving average supports on last Wednesday and Thursday. With the upward pressure on gold, we should see silver tracking gold over the next few months. Final target at 47.50 on SLV and 49.82 on /SI.
Daily chart for Crude Oil
Crude oil is still following the market for now. We should see if move together for the next few weeks in a range-bound fashion between 31 and 34.80 for the next 2-3 weeks.
Daily chart for Natural Gas
Natural gas formed yet another bullish divergence on MACD and RSI. We should see upward pressure on natural gas for the next few months. However as of now, natural gas is still range-bound between 3.86 and 4.15 on /NG.
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