Sunday, August 21, 2011

Power of the Sucker Rally - Market Analysis for 23rd August 2011 by Singaporeseeds

Daily chart for Dow

Daily chart for S&P

Daily chart for NASDAQ

On longer term charts, it seems that the market is due for an even bounce. But on the shorter term, we should be going down a bit more. As long as the S&P cannot break above the crucial 200 week moving average 1,150, we are going down some more. Supports at 1120, 1060 and 1,000 on S&P.

Daily chart for the Dollar

The dollar is still bouncing above support at 21.90. The weakness in the market will keep the dollar up. We may see the dollar bounce for a bit more.

Daily chart for Gold

There is a resistance for gold at 182.60. We may see gold dip after hitting this level. Final target is still at 2,000.

Daily chart for Silver

Silver usually lacks gold so we should see silver rally over the next few weeks. Target at previous high at 47.50.

Daily chart for Crude Oil

Crude oil is still tracking the market. First support at 31.50 then 26.20.

Daily chart for Natural Gas

Natural gas is now bouncing off its lows. As long as the economic conditions and the market remains weak, we should see natural gas continue to move sideways.

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