Technical Analysis Round-Up: Gold, S&P 500 & the US Dollar ~ market folly

Tuesday, March 16, 2010

Technical Analysis Round-Up: Gold, S&P 500 & the US Dollar

We just wanted to take a second to highlight some interesting charts and technical analysis videos we've come across lately so let's dive right in and appropriately start with the stock market in general. The market has been uptrending pretty ferociously over the past month or so and many are calling for a near-term pullback. The MarketClub team has put out a technical analysis video on the S&P 500 and they note that the recent rally has been on low volume. Not to mention, they highlight that the market has been hovering around resistance as of late. All signs seem to point to a pullback in the near-term as the rally is due for a healthy breather. Click below to watch the S&P 500 analysis:

We'll turn next to everyone's favorite precious metal. They have also released a video on gold and we took note because gold seems to have put in a bearish engulfing pattern which is typically negative. They highlight that the big level to watch in gold is $1,091. If that level is taken out to the downside then gold could potentially trade down to $1,060 or so. Overall though, they think gold is in a trading range for the near-term. We keep checking in on gold because tons of hedge funds have exposure to it, whether it be a macro bet, a hedge, or for some other purpose in their portfolios. John Paulson has even launched a gold fund for his bet against the US dollar. Click below to see MarketClub's thoughts on the much talked about metal:

Also, given that we just mentioned that John Paulson is betting against the US dollar via his new gold fund, we figured it'd be a good time to see what the dollar looks like these days. Marketclub also has a technical analysis video on the US dollar and they wonder whether it is reversing again or not. They pull up a EUR:USD chart and note that there are two important levels on the chart, the recent highs in December of 2009 and the big lows in March of 2009. After outlining fibonacci retracements, they determine that it has bounced off a level of support and it technically looks like it wants to head higher. Click below to hear their thoughts on the USD:

Lastly, here's the latest weekly watchlist from the OptionAddict. His video details technical analysis trade setups for those looking for near-term opportunities, primarily of the swing trade variety. He takes a look at various chart patterns, trends, and highlights them all in the embedded video below:

Then you can also watch MarketClub's video on gold here and their analysis of the S&P500 here. As always, plenty of charts to keep your eye on within these ever-changing markets.

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