Sunday, October 24, 2010

Going for the Highs of the Year - Market Analysis for 25th October 2010 by Singaporeseeds

Daily chart for Dow

Daily chart for S&P

Daily chart for NASDAQ

I believe we should have another bullish week before the retest of support at the top of the wedge begins. Target at 1,200 on S&P. However there’s a chance that we might be just gyrating in a range between 1,000 and 1,215 on the S&P till the end of the year.

Daily chart for Gold

Gold pulled back as expected. It’s too early to tell where it might pull back to but as long as it doesn’t break below support at 122, gold is still poised to rally to my final target at 143.

Daily chart for Crude Oil (USO)

There is a pennant forming on USO daily. This should bring USO down to its 50 day moving average at 34.

Daily chart for the Dollar (UUP)

Dollar is still on a downtrend down to my 3 levels of support at 22, 21.94 and finally 21.78.

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