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Let's Gain - The Professional Signals Provider - Signals, Trading Systems, Technical Analysis

Friday
Nov 21st
Dow Jones Industrial. Technical Analysis

Still very volatile the dow jones industrial index during today's session and first white candle after 6 black candles in a raw. The question is: has the fall ended? Or is it just a technical movement after one of the weakest weeks of the last 2 years?

It's hard to say, and we'd better wait a few sessions more to get a better view of the future. It doesn't happen every day to see the DJ industrial index 300 points down, minimum at 11.644,81 and then up to 12.270.  Highest volumes of the past two years. First Target is set at 12.550 that will be reached quickly, above this level the second target is set at the 38,2% of the Fibonacci retracement.

T1: 12.550

T2: 12.840

dow_jones_thumbnail.png


Gold Composite - Technical Analysis
The Gold Composite Future is still moving high and tested yesterday the red trend line which has been supporting the movement during the last two months. It is now trading very close to the 23.6% of the Fibonacci Retracement, that together with the trend line, gives a valid support to the future. We expect the Gold to test again the maximum set at 936 $.

Support : 895

Resistance : 935

 

gold_composite_small.png

 



S&P Future: The future looks bearish. Technical Analysis
sp_logo.gifTechnical Analysis is the forecasting of future financial price movements based on an examination of past price movements. Like weather forecasting, technical analysis does not result in absolute predictions about the future. Instead, technical analysis can help investors anticipate what is "likely" to happen to prices over time. Technical analysis uses a wide variety of charts that show price over time. (www.stockcharts.com)
January has been a tough month so far, characterized by high volatility and big spreads. Let's see if we can get a clear view and understand what we should expect from the future. Charts can say a lot about the future and we want to share with our readers our view of the S&P future.
 
  S&P Future - Weekly Chart 
The uptrend channel started in 2002 was violated and it's not pushing up the S&P future anymore, it's now going to test the 61,8% of the Fibonacci Retracement, where it should find a solid support, furthermore the RSI (a technical analysis indicator which measures the magnitude of gains over a given time period against the magnitude of losses over that period) is oversold.
 
As for the long term scenario, the situation appears now to be compromised giving space to a correction. In October 2007 the S&P future hit its maximum at 1.586,50 drawing a double top (first top March 2000). First Support (S1) is set at 1.270.





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