$SPX 15 Minute: Even though the bounce was quite firm today, it was on low volume, and the structure up still looks abcish! We are approaching that 1,220 level I've discussed off and on the past couple weeks. That being said, the structure up so far looks incomplete.
$SPX 60 Minute: The red circle (let's call it 1,220-30ish) is my target for a possible end to this abc pattern. That's where we have the 200 MA with the middle pitch fork, while the RSI is now over bought.
$SPX Daily: I have up some resistance lines. Light blue is minor price resistance. The red line is the 50% retracement level. Black line is major price resistance. The next couple days should be interesting.
IBM and AAPL: On a day like today we should expect both of these leaders to be up and looking bullish. AAPL looks more bullish breaking above minor price resistance. If the markets are going higher these should provide a clue with continued strength.
$GOLD Weekly: The price of gold is near one over head trend line, while testing another. They converge in the very near future. Price is over bought, and we could be ready for a correction of more size. It might take one more push down and push up to exhaust itself though.
$GOLD Daily: MACD trying to turn down. We could easily test price, or the gap, or the 50 day MA with the lower BB, and still remain in this uptrend.
$USB Weekly: Like gold, it looks like a push lower, then one more run at prior highs.
My Watch List: This week could be challenging because it might be light volume the entire weak with the hurricane and a three day weekend coming up for Labor day. The markets seem to also be in Bipolar mode depending on news from Euroland. I've got GLL and TBT back up as trading ideas. I have a feeling just like last week, they might only be up for a couple of days.
GLL: If gold happens to fall and test that support zone on the daily chart, we could easily see the GLL test or move above the price resistance line at $18.
TBT: Like gold, if this is going higher on lower bonds, that resistance line in black is the next target.
From My Trading Desk: We took a half long on GLL and TBT. I'm keeping it light because if the stock market rolls over both of these trades probably won't work. If the market goes higher near term, then these should work fine.
J.D. Rosendahl, Rosey
Monday, August 29, 2011
|Stock Charts: Markets Continue Higher on Light Volume Posted by J.D. Rosendahl at 3:46 PM||Print Page||Email This Post|
Copyright 2010 J.D. Rosendahl. All rights reserved.