WMA Part II - So much for the spooky rally stalling - Trading week of 13th to 19th Sept 2010

/DX
The USD weekly charts suggests that the downtrend is not quite over and is resuming. Similarly, today’s price action on the USD is very bearish with a sudden downshift of the USD futures. Indicators for both weekly and daily are rolling over to bearish tones.

SPX / S&P500
The SPX/SPY (S&P500) looks very bullish, especially for September. The weekly chart has registered a higher low, with technicals looking bullish. The daily chart supports that view and is having a nice bull run at the moment. The charts look very bullish but I am expecting a retracement to set in soon before continuation of the trend.

/GC / Gold
The Gold futures weekly chart is in the midst of a rally that appears to have stalled from making a higher high although it has been trudging along a nice uptrendline. Bearish divergences indicate an imminent correction to the 1000/1100 level. The daily chart has broken its uptrendline and is overbought with a mild bearish divergence. This signals a correction in place.

/CL / Crude
Crude weekly chart is about to turn bullish after a retracement and consolidation. The crude season would be starting soon. The daily chart has broken above the Fibonacci price and time zone in a bullish manner. Keeping above this level for the next two to three days would seal the uptrend forming.

The MadScientist – 14 September 2010

Note: Any material posted here is of my sole opinion, and my opinion may differ from others. It is definitely NOT a solicitation to do anything else as a consequence of reading this material. The material presented here is intended for educational purposes only.