Wednesday, December 28, 2011

S&P USDX UPDATE

USDX
On December 16th I suggested that "If the USDX is near 81.20 between Christmas and the New Year a high pivot may form." The US$ is now at that time-price juncture and is becoming slightly over bought on a short term basis.
  • RSI 14: 71.25
  • The 79.24 low of Dec 21st is important short term pivot support.
  • A close above 81 would strengthen the current rally.

S& P 500 CASH

The S&P is not presenting a very bullish argument.
  • Holiday rallies are often held together with duct tape (year-end window dressing)
  • Lateral resistance and diagonal resistance are keeping a lid on prices.
  • Dec 7th and Dec 19th energy windows were validated--the Dec 28-Jan 2 may form a pivot as well
  • Support at 1226-1229 and 1198-1201. 
  • Resistance 1298- 1304 (Gann)




GOLD
no chart
  • Gold is entering a critical time-price juncture. 
  • Market is oversold and at level where a swing low may be attempted...but if prices break any lower from here....things could get nasty..
  • see previous chart

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