Daily chart for S&P
Daily chart for NASDAQ
My last market analysis was right on the spot as the past week was one of the best of the best weekly moves for the last 2 years. All 5 days of the week ended as long bullish candles on all 3 indexes and broke through their respective 50 day moving averages.
As Monday is a US public holiday, I’m looking at a consolidation starting this Tuesday. This is especially so after an uninterrupted 5 day bullish move ended with all 3 indexes closing at a significant retracement level way. However we should not see S&P close below support at 1,320. This would be 12,400 for Dow and 2,765 for NASDAQ.
Daily chart for the dollar
The dollar (UUP) is at the base of the wedge that had formed since beginning of May 2011. We shall see whether it would break below this wedge. At the moment, I believe it should.
Daily chart for Gold
Gold (GLD) gapped down and closed as a doji on Friday. Although Gold had formed a triple top at 151.50 with a bearish divergence on both RSI and MACD, I’m still having doubts whether there would be an extended downtrend for Gold. I still believe gold should reach 156.15 on GLD by end August 2011.
Daily chart for Silver
Silver (SLV) is slowly trending down towards its 200 day moving average at around 31. It is already forming a bullish divergence on RSI and MACD. We should see some bullish action soon.
Daily chart for Crude Oil
Crude Oil (USO) formed a bullish candlestick pattern just at an important support level at 35.50 on USO. This is formed on the backdrop of a bullish divergence on RSI and MACD. I believe we should see crude oil (USO) break it’s 200 day moving average and trendline soon.
Daily chart for Natural Gas
Natural Gas (UNG) is still enjoying the sideways bounce. However on RSI trendline pattern, it should be the last sideways dip. Let’s see if this is able to bring Natural Gas (UNG) above its 50 and 200 day moving average and form a bullish crossover for these 2 moving averages.
No comments:
Post a Comment