Daily chart for S&P
Daily chart for NASDAQ
Dow and S&P futures broke through the 50 day moving average while NASDAQ closed below it on Friday. We are facing some hesitation here as the global problems weigh on the stock market. However at this point I believe the market should go back up to test the high of the year at 1343 on S&P futures. This would be 12379 on Dow and 2403 on NASDAQ.
It is very important that the indexes break these resistance levels. Should the indexes form a double top at these levels, we will be seeing some longer term downtrend in the indexes that should bring S&P down to around 1000.
Daily chart for the Dollar (UUP)
I believe that the dollar has started on an uptrend that should bring it up to around 23.50.
Daily chart for Gold (GLD)
Gold is forming yet another topping pattern on both daily and weekly. However gold had been forming a topping pattern for as long as I can remember. Every bearish setup are only minor dips in an uptrend. We shall see how this one turns out.
Daily chart for Silver (SLV)
Silver is very overbought on both daily and weekly with a bearish setup on daily. Silver had defied all bearish setups and continued to rally. We shall see how this one turns out.
Daily chart for Crude Oil (USO)
Crude should be doing an upward consolidation for the next week or so. At this point I do not think crude will rally anymore but with the Arab situation getting from bad to worse, this one may just defy all technical analysis to continue to go higher.
Daily chart for Natural Gas (UNG)
The 50 day moving average supported Natural Gas well. This upmove should bring us up to 13 on UNG.
Daily chart for Pound Sterling (FXB)
I was alerted to GBP/USD on Friday by a friend. I think this one is going down to test support at 157. It is currently on a longer term uptrend but if the bearish divergence on RSI and MACD holds, it should break this uptrend and bring the GBP/USD ETF (FXB) down to around 153 and then 148.
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