Gold
Watch gold here; it's about to potentially break an uptrend line that has been in place since July 27, as well as potentially break horizontal support at 1322. I'm watching for it to find potential support around the 50 dma, which is currently just shy of 1300.
NDX
The NDX seems to have touched resistane (see chart below). Should it break up it could reach 2007 highs. Technically speaking this formation looks to me like an inverse head and shoulder pattern.
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This morning it's Europe again that's front and center. This time Portugal seems to be worsening by the minute and as a result it's credit spreads are blowing out and the Euro is getting more fists and elbows. Speaking of the Euro, it's now blown below the key 1.313 level I mentioned yesterday and […]
Please note the downside gap in the VIX from yesterday. To me this says investors don't feel the need for any sort of hedge any longer. I view it as dangerous and a bearish sign.
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Why the Nasdaq 100 has lower to go
Just staring at a simple price chart and applying linear analysis only gets you so far. By applying relative analysis one quickly gains another layer of perspective. This type of analysis currently points the Nasdaq 100 to lower levels still.
The S&P 500 has reached a key line of resistance
I am not bearish…I still think we will see more upside in parts of the equity market through the lens of the reopening trade. However, the broader S&P 500 index after a great start the first 4 months of the year has now reached some key resistance levels, which are backed up by market internals.
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