Intraday update:
Looks like a key reversal day for oil and gold IF oil closes at or above 63. December gold hit my target of 577 and never looked back. October oil did the same at 62. If they hold on to these gains at the close, we could have seen the bottom there.
As for equities, ES broke down at the top of the wedge and could be headed for a test of 1320, if 1329 does not hold on Monday. QQQQ needs to hold 40.08 at the close. SMH (semis) still stuck under June highs. Needs a close above 35 to confirm overall tech bullishness. Right now at 34.40.
Today is quad witching so don't expect big moves after 2 PM.
Looks like a key reversal day for oil and gold IF oil closes at or above 63. December gold hit my target of 577 and never looked back. October oil did the same at 62. If they hold on to these gains at the close, we could have seen the bottom there.
As for equities, ES broke down at the top of the wedge and could be headed for a test of 1320, if 1329 does not hold on Monday. QQQQ needs to hold 40.08 at the close. SMH (semis) still stuck under June highs. Needs a close above 35 to confirm overall tech bullishness. Right now at 34.40.
Today is quad witching so don't expect big moves after 2 PM.
This entry was posted
on Friday, September 15, 2006 at 10:21 AM.
