Daily chart for Dow
Daily chart for NASDAQ
Market analysis for this week:
Went for an operation last Monday so didn’t have time to do my market analysis. Was having a hard time overcoming my Nosocomephobia. Thanks to my wife and both sides of my parents, I put my foot down and went for it. Finally got rid of my blocked and swollen nose that had plagued me for the past 7 years. It’s amazing how long I had dragged my feet on this one. I can now breathe properly and I enjoyed the first few nights of uninterrupted sleep in years.
This weekend, spent a weekend with Dr Alexander Elder learning directly from him. It was truly an insightful weekend. I will be incorporating what he taught into my trading systems over the next few weeks. So there may also be some changes to my market analysis over the next few weeks.
Anyway last week was a doji on S&P and Dow weekly charts. Daily charts looks like both S&P and Dow seems to be going for a correction. Nasdaq seems to be the only bullish indicator at the moment but I will not be surprised if there was also a correction especially since all 3 indexes had been rallying straight up since 2012.
I think we should see the start of a correction this Tuesday and it will continue into the week. Support at 1,270 on S&P.
Daily chart for the Dollar
Market analysis for this week:
The dollar should be looking for a bottom over the next few weeks. We may dip one more time before this downtrend reverses. Support at 77.2 on dollar futures.
Daily chart for Gold
Market analysis for this week:
The current rally in gold seems to have ended. We should see a dip this week to around 1,670 before the next leg up.
Daily chart for Crude Oil
Market analysis for this week:
Crude oil had been trading in a range since November 2011 with a number of false breakouts that never lasted more than a week. All this while, there’s a huge bearish divergence building in crude oil.
I believe the next movement in crude oil will be determined largely by the direction of the dollar. So I will be monitoring the dollar closely over the next few days.
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