Daily chart for S&P
Daily chart for NASDAQ
It seems that the sucker rally is over. My charts gave a sell signal on 1 hour and 4 hour charts on Thursday. This was confirmed on Friday by poor employment numbers on non-farm payroll.
Downside target 1,000 on S&P by end October 2011.
Daily chart for the Dollar
The dollar is showing a huge bullish MACD and RSI divergence on daily charts. The downward wedge is now confirmed to be gone so we might see upward pressure on the dollar over the next few weeks.
Upward target at 22 on UUP.
Daily chart for Gold
Nothing has changed for Gold. 2,000 gold here we come!
This would be 193.09 on GLD.
Daily chart for Silver
Nothing has changed for Silver.
Final target at 47.50 on SLV and 49.82 on /SI.
Daily chart for Crude Oil
Crude oil is still following the market and is expected to tank over the next few weeks.
Target at 26.20 on USO.
Daily chart for Natural Gas
Natural gas (UNG) is back at its all time low of 9.75. However a bullish divergence on MACD and RSI has formed for both UNG and natural gas futures. We should see both natural gas and its ETF rally over the next few weeks.
Target at its 200 day moving average on UNG. This would be somewhere around 11.
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