The Dow and Nasdaq slipped a touch below their May lows, but the S&P as depicted above did not confirm, allowing for some corrective action into midday. That was followed by a retracement with the Nasdaq slipping below the morning lows, but not confirmed by either the Dow or the S&P, leading to a late day rally into the close. Use Fibonacci retracement levels from Thursday's high to today's low as a guide.
The weekly chart pf the $USD above shows that the sharp thrust from the 2009 lows is coming into resistance in the$90.00 range.The daily chart below shows that the BO of the ascending triangle is having trouble with follow through. Also note the negative divergence of the RSI to higher prices.
GLD tested and breached 52 week highs, but failed to hold. The second test rarely succeeds (turtle soup), but the third test often does. Keep this one on the radar.
Day Trades:AMZN - target reduced at Bofa-Merrill based on strong $USD. Yesterday's close was weak, the Bofa comments pushed it over the edge for a fast swoon.
GLD etf was going to test highs after yesterday's WRB. Find a gold stock with a clean base and wait for an opportunity. ABX - yesterday's highs held as support on the open. As price formed a triangle on 1 minute, I put in a buy stop order. I was long and short throughout the session as depicted below.
1 comment:
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