Daily chart for S&P
Daily chart for NASDAQ
The indexes did bounce up to their respective 20 day moving averages. This was a hanging man candlestick pattern for Friday. This week we shall see the true nature of the markets. I believe we might be in for a down move over the next few weeks to around 1150 for S&P.
I am sticking with my analysis of a 6 month sideways pattern with strong resistance at 1215 for S&P. This will be 10250 for the Dow.
Daily chart for Dollar (UUP)
I believe the down move for the dollar had ended. It should be moving up to around 23.40 over the next few weeks.
Daily chart for Gold (GLD)
The continuous uptrend for Gold was broken with the 4 day downtrend that ended last Wednesday. I believe we should be in a down move to 122 over the next few weeks.
Daily chart for Silver (SLV)
My market analysis for Silver for last week still holds. If it fails to make a higher high soon, it’s going to crash back to 20 in a jiffy.
Daily chart for Crude Oil (USO)
Crude oil is moving in a similar fashion to gold. Downside target 32.50.
Daily chart for Natural Gas (UNG)
Natural Gas stopped right below the 50 day moving average at market close on Friday. Breaking this moving average is significant as it reflects a change of sentiment from bearish to bullish. From the looks of MACD and RSI, it seems that UNG will break this resistance on Monday.
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