Weekly Review
DJIA - Daily Chart - Normal Scale |
Still showing strength in daily chart, but there is a divergence in weekly chart.
SPX - Daily Chart - Normal Scale |
Have a very major resistance at 1576.
Have a support at 1474.
A break below lower green trend line is a possible bearish case.
NASDAQ - Daily Chart - Normal Scale |
NASDAQ is the weakest among the indices.
Showing a divergence on both RSI and MACD.
When bearish sentiment enter the market, this indices might have a bigger pullback.
A break below the red trend line will be a good condition to set up a bearish trade.
Russel 2000 - Daily Chart - Normal Scale |
Russel 2000 is the leader of the last bullish move since September 2012.
The chart also showing a divergence on RSI.
Have to wait for several day to see if the price action agree to that divergence event.
OVER BOUGHT DOES NOT MEAN OVER...
NYSE Bullish Percentage Index |
This sentiment might lead to a correction or pull back in the near future.
Manage our risk on bullish trade and prepare a bearish trade set up.
Gold Future - Daily Chart - Normal Scale |
From the chart we can see that gold move on a channel between 1530 and 1805.
A break below the 1530 might lead to a violent sell off on gold.
Personally I am bearish on gold and silver.
I will change my view to bullish if gold can break above the grey down trend line.
Have a nice weekend trader.
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