Daily chart for S&P
Daily chart for NASDAQ
I'll be going to London to attend the Royal Wedding tomorrow. Will be there until next Monday. So here's my early market analysis.
The indexes made a new high yesterday. This is very bullish for the market. Looks like we are ignoring all bearish signs and going for another bullish month. Next resistance (and also target) for S&P is at 1420 with support at 1350.
Daily chart for the Dollar (UUP)
Quote from my 16th April post:
“The dollar broke to new lows and will continue to make new lows over the next few weeks. First support at 21.30 and then 21.10.”
UUP broke through both within the past 2 weeks. The final target is at 19.70.
Daily chart for Gold (GLD)
Daily chart for Silver (SLV)
Gold and silver made new highs with silver blasting through a series of fibo resistances. With inflation expectations running high and faith in the US dollar at an all time low, both gold and silver will be on an uptrend on the forseeable future.
Daily chart for Crude Oil (USO)
Though crude oil (USO) on daily chart is forming a bearish divergence, I’m beginning to think that it would not matter. Let’s see how this one turns out.
Daily chart for Natural Gas (UNG)
Natural gas (UNG) formed yet another bullish divergence. This one should bring it above its 200 day moving average at 12.
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