Daily chart for S&P
Daily chart for NASDAQ
The S&P closed as a doji again last week. This shows indecision in the markets. It was just as I described, rest week for the markets. Nothing much has changed.
We are still looking at a stimulus to bring the markets to its next leg either up or down. As long as the S&P does not break support at 1320 I’m going to be upwardly biased with target at 1425 for the S&P.
Daily chart for the dollar (UUP)
We should see the dollar bounce some more to around 22. This is still a dead cat bounce and I will start entering on puts once it reaches around 22. This should be sometime in early July.
Daily chart for Gold (GLD)
Gold did a big bullish candle bounce on top of its 50 day moving average on Friday. This is a very bullish sign. Target at 156.
Daily chart for Silver (SLV)
Silver bounced off its old upward channel support last Tuesday and kept above it since then. We should be beginning our next leg up soon.
Daily chart for Crude Oil (USO)
All commodities are showing signs of strength late last week and crude is not an exception. It bounced off its 200 day moving average and closed as a hammer on Friday. Should Monday close as a big bullish candle, we should be seeing crude start on the next leg of its rally.
Daily chart for Natural Gas (UNG)
Natural Gas bounced off support at 10.50. Natural gas had been going flat for the longest of time. Let’s see if this bounce has enough steam to bring it above its 200 day moving average at around 11.50.
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