Friday, April 13, 2012

Second bearish week in a row

SPX lost today almost everything gained yesterday and market is once again bellow SMA 50 on daily chart. Daily DMI remains negative confirming the bearish momentum.

On hourly chart, there is no major change, we still have a bearish EMAs crossing and SPX is a few good points bellow a declining SMA 120.

Overall SPX lost 30 points this week. What bears want to see is a new low, bellow 1,359 level we saw two days ago.

Gold is giving mixed signals, with daily DMI slightly positive and weekly DMI in red. It is now very close to the 2009-2012 uptrend line so one may be tempted to buy a little bit here hoping is going to go at least to the upper edge of the "symmetrical triangle"formation gold is trapped for over a year. Of course assuming that the multi-year uptrend line is going to hold. The trouble is that gold is bellow both SMA 50 and SMA 200 and the two moving averages are about to give a bearish crossing the so called "death cross".

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