The S&P finally broke through the 62% Fibonacci retracement level after stalling there in April and again in November.
The NASDAQ has clearly broken the secular bear market trendline. The next major resistance level is the 2007 high.
GLD versus the $USD. GLD looks poised to retest recent highs and the $USD looks weak after last week's retracement. If the $USD can't bounce tomorrow, it's going to look like the November bounce was an oversold, technical bounce, rather than a bona fide trend reversal.
Stocks to Watch Next Week
LVS - Strong buying on Friday. Looking for follow through and possible short-term trend reversal.
SLB - Basing for a BO
POT - Flagging after last week's channel BO. Overnight grain futures are strong, so ags could see more upside tomorrow.
AKS - Bull Flag
FNSR - Flagging
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3 comments:
Excellent one on the MIPS and POT.
Thanks
Thanks Chin,
Today might be a pivotal day. The markets feel topped out. Seeing lots of shooting stars and doji shooting stars EOD.
I saw that. Some crazy drop in Pot.
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