Per my comment Wednesday, NQ did indeed fall down to 1560/1565 area and is now trying to find a base there at weekly S1. SMH still has not regained the 33.45 area and until it does, techs will be on the defensive. ES lost channel support and 20 dma at 1299. All markets now have precise resistance at their respective 10 day moving averages. 
Gold took a hit on the higher dollar and lower oil. Currently, the December contract is stifled by 50% June/July at 625.50. Short below, long above, pretty clear. Downside target if any bounce fails will be 605 area, as I doubt 616 would hold this time around. That said, September is usually bullish for gold and there might be some pre 9/11 buying as traders hedge into the weekend. If you want to take it long, your stop should not be lower than 621. You should also be aware of a wall or resistance between 630 and 633, which is not far away.
Gold took a hit on the higher dollar and lower oil. Currently, the December contract is stifled by 50% June/July at 625.50. Short below, long above, pretty clear. Downside target if any bounce fails will be 605 area, as I doubt 616 would hold this time around. That said, September is usually bullish for gold and there might be some pre 9/11 buying as traders hedge into the weekend. If you want to take it long, your stop should not be lower than 621. You should also be aware of a wall or resistance between 630 and 633, which is not far away.
This entry was posted
on Thursday, September 07, 2006 at 7:03 PM.
