Friday, January 28, 2011

The Trend is Your Friend

Gold is weak--further evidence that the intermediate cycle is turning down.
Dollar--drifting lower. Waiting for technical-cycle set-up.

Transports
  • The December Swing Low was tested and the two day thrust turned the chart back up.
  • OBV will be interesting to watch while the uptrend plays out.

S&P 500
  • Andrew's Pitchfork defines the uptrend well.
  • New high above 1296 confirmed by OBV
  • 1271 becomes the swing low support level.
  • RSI could be setting up a divergence--non-confirmation.


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