Stock Markets - short term overbought, short term bullish
- INDU is short term oversold but could continue to the 11,800 level.
- Today was a bulish candle but on low volume, a break of today’s low could take the index back to 11,000.
The weekly chart below still shows the index is oversold, or below the regression line.
Gold - short term oversold, short-term bearish
Gold was up sharply this morning but then reversed and closed around the 948 area.
Oil - could continue descent and test $120 level
Although oil is oversold on the daily time frame it still has some room to consolidate on the weekly chart and could test the $120 level.
US Dollar - bullish bias
Looking at the weekly chart of the US Dollar Index below it looks as it’s trying to gain some strength and if it closes above the current flag it could attack the $75 barrier (upper channel). Any action above that point will likely be short-lived.
Euro - neutral
Weekly chart shows a slight break of consolidation.
Canadian Dollar - trading in a range
1 Comments until now.
Hi Bsharp, I’m glad that your analysis is correlating with my own research.
The US market charts are showing a “dead cat bounce” in effect. The long term strategy of being long gold , short the dollar is still fundamentaly correct.
I see today Wachovia and the market is rallying, I’ll be looking for a short on some of the US banks once a mini top is in place. Its expected that at least 100’s of US banks will fail, possibley 1000’s. More info see:
http://www.theinternationalforecaster.com/
(fundamental advice very accurate investing history)
http://www.stocktiming.com/Wednesday-DailyMarketUpdate.htm (T.A advice from highly respected analyst)
The SEC is now investigating those who ‘down talk’ the market, this just shows how sensitive the market is to a collapse, and how mainstream wall street brokers and media outlets shouldnt be trsuted for independant market advice.
http://www.forbes.com/2008/07/13/sec-probe-rumors-biz-wallstreet-cx_lm_0713bizsec.html
Comment!