Has Gold Embraced it’s Fibonacci Number and Began to Base Out?
Yesterday the gold market pulled back into a perfect 61.8% Fibonacci retracement. We expect this market to begin to regroup around current levels between $1600 and $1620. With a trading score of -90 the gold market is in a strong downward trend. Look for resistance to come in between $1680 and the $1700 level. With all three of our.....
Crude oil rose further to as high as 103.74 last week but failed to sustain above 103.37 resistance and retreated. Initial bias remains neutral this week for some consolidations first. Nonetheless, near term outlook will remain bullish as long as 98.30 minor support holds. We'd expect rise form 74.95 to resume sooner or later. Above 103.74 will target 114.83 key resistance next.
How to trade oil is not an easy thing to do in today’s headline driven market. Even the best oil analysis which may have been correct will still be wrong at times. This is due to the fact that oil has many factors which play into its price. Things likes like extreme weather conditions, geopolitical events, currency fluctuations, economic conditions and supply and demand.
Tuesday, September 27, 2011 Stock Market Direction
•The market turned gains of at least 2.8% each on the major indexes into minimum profits of only 1.1% as stocks gave back more than half of their intra-day returns.
•The major indexes closed below their intra-day session mid-points.
•Even so the support/resistance levels on the SP 500 did rise from 1,154 to 1,173 and from 1,165 to 1,183.
Monday, September 26, 2011 Stock Market Direction
•Stocks bounced between gains and losses early in today's session but by the close the major indexes rose at least 1.4% each.
•SP 500 support/resistance moved up from 1,130 to 1,154 and 1,150 to 1,165.
•Support/resistance on the Nasdaq Composite rose to 2,483 from 2,470 and 2,536 from 2,483.
•SP 500 and Nasdaq Composite remain below their moving averages (21, 50, 200).
Friday, September 23, 2011 Stock Market Direction
•After yesterday's brutal sell-off stocks rose with the indices gaining at least 0.4% today palpable to the prior session's losses.
•The broader SP 500 support level moved up slightly from 1,128 to 1,130 while resistance remains the same at 1,150.
•The support/resistance levels for the Nasdaq Composite moved higher from 2,381 to 2,470 and from 2,468 to 2,483.
Thursday, September 22, 2011 Stock Market Direction
•Stocks declined heavy again with major indexes down at least 3.2% each today.
•SP 500 support/resistance moved down from 1,165 to 1,128 and 1,173 to 1,150.
•Nasdaq Composite support moved lower from 2,531 to 2,381 and resistance moved lower from 2,549 to 2,468.
•SP 500 and Nasdaq Composite are now both below their moving averages (21, 50, 200).
Wednesday, September 21, 2011 Stock Market Direction
•Stock sold off hard with major indexes down at least 2% each.
•SP 500 support/resistance moved down from 1,199 to 1,165 and 1,204 to 1,173.
•Nasdaq Composite support moved lower from 2,580 to 2,531 (21 day moving average)-resistance moved lower from 2,598 to 2,549.
•SP 500 is once again below its moving averages (21, 50, 200).
Tuesday, September 20, 2011 Stock Market Direction
•Major indexes were up at least 1.1% each but reversed course and gave up their gains finishing in a range up 0.1% to down 0.9%.
•SP 500 support/resistance moved down from 1,204 to 1,199 and 1,217 to 1,204.
•Nasdaq Composite support moved lower from 2,602 to 2,580 and resistance moved lower from 2,616 to 2,598.
Monday, September 19, 2011 Stock Market Direction
•Major indexes were down at least 0.4% each but cut their losses more than half.
•SP 500 support/resistance remains the same at 1,204 and 1,217.
•Nasdaq Composite support moved lower from 2,617 to 2,602 (50 day moving average) and resistance moved lower from 2,627 to 2,616.
•SP 500 above 21 day moving average but below 50 and 200 day moving averages.