Sunday, August 02, 2009

Technical Picture - NASDAQ Testing Resistance

The NASDAQ just carved out 2 consecutive bearish shooting stars after testing resistance.


The 60 minute view of the S&P shows negative divergence of the RSI and MACD to higher prices. This foreshadows the end of the move. I doubt there will be a reversal unless we get a major catalyst, but a pause is likely as we approach the congestion zone on the monthly timeframe.

The $USD is setting up for a test of major support. Gold, oil and commodities bounced in the last two days.

2 comments:

anarco said...

The monthly SPX is starting to approach the ambush zone. It would be interesting to see what August would look like.

Jamie said...

Good observation Anarco!