S&P 500 chart (SPX) - Daily chart
The SPX headed towards it's previous 52 week highs today at 1318.20 and on strong volume as well. As you can see from the chart, the SPX has been trading sideways and consolidating above the ascending triangle. The SPX has taken out key resistance at 1315 which is confirmation that 1334 is the next price target. The SPX remains in a bullish trend reversal. Today the SPX is up 0.07% at 1310.61 Indicators are moving up along with price.
NASDAQ Composite (COMPQ)- 60 min chart
On the 60 minute chart, you can see that the COMPQ is in an ascending triangle pattern. Today the COMPQ pulled back to test the uptrend line and is holding it. The PPO is showing bullish divergence and the stochastics are bull flagging.
The Semiconductor Index (SOX) - Weekly Chart
The weekly chart of the SOX illustrates that it is currently forming a large ascending triangle. However, it is in a wave iii to iv pull back. The moving averages are holding up nicely and we are just waiting on a reversal to the upside. It is highly unlikely that the SOX will cross below the 200 week moving average. The wave structure is bullish and so is the trend. Indicators and oscillators are bullish, and are showing positive divergence.
The US Dollar (USD) Weekly Chart
The weekly chart of the USD illustrates that it is in the process of forming an inverted head and shoulders pattern. The right shoulder has not been put in yet. The dollar has broken the up trend line bellow $89.00, and is in the process of putting in wave C to the downside. Wave C will probably be around $82.50 and it will form the right shoulder there. Indicators and oscillators are bearish. The dollar looks ugly. The lower the USD goes the higher the market goes.
The Gold and Silver Index - Philadelphia (XAU) - Daily
The XAU is in an ascending triangle pattern. However, the XAU is very close to resistance at the 52 week high / previous high at $159.98. The XAU is stalling at this level. The precious metal stocks are underperforming the metal. The best move in the XAU occurred from November 2005 to January 2006 when Gold & Silver were weaker. When the metals become weaker, the XAU and precious metal stocks should start performing better. Avoid this sector for now.
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