Daily chart for Dow
Daily chart for S&P
Daily chart for NASDAQ
The huge spike on Tuesday broke the 4 month wedge on the 3 indexes. The wedge can be seen with the red lines. Now the markets look set to target for the May 2010 highs. We should be there (11,250 on Dow, 1,220 on the S&P and 2,535 on NASDAQ) by the end of the year.
Daily chart for Gold (GLD)
Gold is gunning for my first target of 134. At the rate its going, we should be there in 1-2 weeks. This should be followed by an equally quick correction back to around 125. Gold is still showing signs of being able to go on for a lot more. In my opinion, this should be around 143 on GLD. This would be 1,430 on spot gold.
Daily chart for Crude Oil (USO)
Crude Oil had hit strong resistance at 82.50. Crude had failed to break above 82.50 for 4 times since late last year and I think this time it’ll be the same. I believe it should be coming down to about 78 soon. This would be about 34 on USO.
Daily chart for USD
The US dollar had been dropping like a fly. I’m still waiting for a rally to enter on a short for the dollar. Target at 21.78.
Daily chart for BP
BP is at strong resistance and may move sideways a bit. This is especially after rallying so much over the past few days. My target is still at 50.50 but I’ll be watching closely to see whether it will break resistance at 41.50.
Daily chart for Microsoft
Microsoft is in a wedge and is also at Fibonacci retracement COP level. This is the ideal place to enter on any long position. First target at the late 2007 high of 35. A break below 23 means that the stock is going down and the sideways movement might continue.