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.


anarco said...

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

TJ said...

Good observation Anarco!