February 23, 2013

GLD Weekend update

  • GLD Weekly chart with Stochastic shows Oversold readings. 
  • Daily chart shows the Death cross. But price has moved away too much from the key moving averages so price may do a reversal to the mean or a pause at the current levels.
  • Last chart shows 3 Unfilled GAP's in chart. Oversold condition of GLD may lead to a reversal attracting price towards these unfilled gap's.

S&P 500 Analysis after closing bell

  • Weekly chart shows its first bearish weekly candle after 7 consecutive green candles. The place of the red candle at a possible resistance line also look significant for bears cause.
  • Daily candle coming back to close above 20 Day SMA or Middle BB should give some relief for bulls.
  • Last chart the 30 Minutes time frame shows price near a crucial support resistance zone. Bulls may regain control above 1514 - 1515 level. 

SILVER Trend update

  • Hour trend continues to favor Silver bears.
  • First chart shows price continues to make new lows.
  • Hourly ichimoku cloud acting as stiff resistance.
  • Right now price is shown in a range in 30 Minutes chart. Down trend may continue on breaking range support area.