BULL or BEAR ??
| Short term (1 week) | Notes |
| 
| -- It is interesting that market actually went crazy when I was not doing my homework for a month. -- China FXI is still very weak and might be getting weaker. -- All indexes clearly indicate strong resistance at their weekly 20MA lines and daily 100MA lines. -- VXX is now at a triple bottom situation. Volume is also getting higher. -- USO, GLD and SLV have came down to retest their trend line. Ben's announcement is also not encouraging to the Gold bugs. -- The only weird one is the natural gas UNG. It has poke up through its weekly 20MA line again. This could well be a buy signal. -- Thursday's jobless claim report can be very important to the market has mentioned by Ben the he will be watching job report very closely. -- UUP has retest its upper part of trendline and retraced temporary, -- Shipment index is again pointing downward. -- Most sectors are showing mid term downtrend is still intact.
-- Expect the indexes to rebound back to maybe their daily chart 50MA line before another big drop. |
SPY (30 years monthly) chart:
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- Monthly chart shows that its 20MA line has been threaten once. Price rebound back above the 20MA line but not much.
Next Week Economic Data (1 week):
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- Thursday data will be crucial.
VXX chart:
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- Weekly VXX chart is again all time low and came out with a triple bottom. This is dangerous.
SPY chart:
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- Looking at the weekly and daily chart of SPY, one should not be surprised with the big drop on Thursday. Were you? ;-)
- A big resistance of 20MA line in the weekly chart and 100MA line in the daily chart has warned us very well.
DJIA chart:
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- Similar to SPY. Just that DJIA is slightly stronger and gave you an illusion that its daily chart's 100MA line has been taken over.
- However, weekly chart has warned you that there is a big resistance line from the May'11 high.
NASDAQ chart:
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- Similar to SPY and DJIA, but NASDAQ is much weaker among thee three.
UUP chart:
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- UUP might have started to establish a reverse of its downtrend.
- Price has successful go above the monthly 20MA line. Will see how it comes back to the 20MA line.
Sector Analysis:
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- Most sectors are still staying within the mid term downtrend with strong resistance from their 50MA lines.
Copper JJC chart:
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- Copper's downtrend continues. Price has again came down to test its trend line.
- Monthly MACD is still pointing more downward potential is building up.
GLD and SLV charts:
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- GLD has again broke down its monthly 20MA line. Monthly GLD chart shows that all secondary indicators are all going downward and weak.
- SLV is even weaker. Came out with a multiple bottom. All secondary indicators are pointing more downward potential.
Petrol and Natural Gas charts:
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- USO is very weak too. A three year multiple bottom chart is now in front of us. Price is also below its monthly 20MA line.
- UNG is the only one that is indicating something else. Good volume has started to come in and price has broken through the weekly 20MA line twice. A W bottom shape seems to be in the making.
- UNG can be a very good long candidate.
FXI (iShares FTSE / Xinhua China 25 Index Fund) chart:
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- China is only showing more weakness. All secondary indicators continue their downward moves.
Baltic Dry Index chart:
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- Shipment has again dropped below trend line and its 20MA line.
