Tuesday, August 24, 2010

Full Moon, August 24, 2010: 1 Pisces 25’


S&P 500
  • August 16th low (1069.49) taken out on Monday
  • Big Volume days are DOWN DAYS.
  • Expect acceleration below 1056.88--July 20th low--especially on a closing basis.
  • Monitor Volatility (VIX) for a breakout above 28--This will spell trouble straight ahead

GOLD
  • Possible Head and Shoulders forming.
  • Trendline from 1265 touched Thursdays high of 1237.20
  • An excellent time TO BE FLAT. (See 'Three Charts to Ponder: July 29, 2010)

U.S. Dollar
  • Bullish stance continues
  • Possible resistance at 84.40 where a corrective decline may commence.
  • 81.75 is a strategic point for position protection.
  • Enjoy the ride because the train is not crowded.

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