One More Pullback
After making new all-time highs today on the S&P futures 2134 I am looking for a pullback to the 2095-2105 area. That pullback should take the spy down to the 210.02 level. The 210.02 level on the spy should fill the gap with that pullback. Also making a higher low in the market and then should have another rally. I think the upper range could be met near the 18500 area but either way the range I have been saying 18100-18500 area is where if I were a long term investor I would sell and go into cash. If we get that pullback I see stocks like SMH BABA AAPL GE just to name a few should have great patterns on the daily charts. Oil traded down to the 57.09 area and the bounced sharply from an oversold condition to the 60.70 area. If oil breaks the 55.54 area then the daily charts will turn negative on my work. Oil has a ton of overhead resistance on the weekly charts above 61 . Gold hit my first target of 1210 then my second target of 1225 . Once above 1225 I stated that I was looking for gold to pull into the 1195-1205 area . Gold did just that pulling into the 1202.70 area. Once gold traded above the 1209 area I stated I would sell any long term positions especially going into the FOMC meeting yesterday .
I am still looking for gold to rally by year end to the 1280-1300 area. My course Pattern Recognition 101 is almost complete and I will keep you posted if anyone has any questions please call 203-617-4026 .