FOREX :

SPI
Bullish unless below 4785.

The SPI formed a hammer on Wednesday and then on Thursday it moved above the highs of Tuesday, giving a bullish signal. This implies a test of the previous highs. There is resistance at the 62% retracement of the losses since April at 4926 followed by the highs of April 12 at 4984 then the highs of the uptrend to date at 5012.
Cat Davey
Cat Davey

The correction resumes if there is a move below Thursday’s low of 4785 with next support at the 50% retracement of the gains since mid March at 4746 then the Fibonacci 62% level at 4683.

RES: 4926 4984 5012
SUP: 4785 4746 4683

S&P 500
Bearish below 1308; bullish above 1337.

On Friday the S&P made a run at the previous uptrend highs, formed in February (1337) and earlier this month (1336), but recorded a weak close at the lower end of the day’s range. This week’s outlook depends on a closing break above 1337 or a move below Wednesday’s low of 1308.

A move below 1308 is likely to trigger a test of the lows of April 18 at 1290. If that level is breached on a closing basis a double top pattern is confirmed with a minimum downside target at 1244 which is close to the March lows of 1241. There is support at the 50% retracement ( forex trading ) of the gains since mid March at 1288.

A close above 1337 would change the outlook back to bullish with a first target at 1350 followed by 1400.

RES: 1337 1350 1400
SUP: 1308 1290-88 1244-41

COMMODITIES

Gold spot
Bullish unless below $1444.
This’ll give you a closer look at the forex platform to date.
We are living in a monumental time in market history – gold is trading new all-time highs on a daily basis, hundreds of points away from its previous all-time highs of 1980. Back at the turn of this century every economist and fundamentalist said gold would never see another bull market. Of course most commentators are now aboard the gold bandwagon but not every investor is riding this story. Which means there is still plenty of room for gold to move higher before it tops in a typically parabolic final thrust, driven by late-stage retail buyers (some resource to help the forex broker ).

Having reached the psychological resistance level of US$1500, gold is now hovering, but showing no signs that the rally is over. Next resistance is at the vertical distance of the December 2010 to January 2011 correction (1431-1307) added to 1431 giving a target at 1551. Next resistance is then at the psychological round number of 1600.

The latest leg of the uptrend is sound unless there is move below the low of April 12 at 1444. Next support is then at the Fibonacci 38% retracement of the gains since late January (1307 -1512) around 1433 then the 50% retracement level around 1410.

RES: 1551 1600
SUP: 1444 1433 1398

Crude Oil
Bullish unless below $105.31.

Crude confirmed a double bottom pattern late last week – the best indication that the correction that started on April 11 is over and retest of those recent highs is likely. First resistance is at the April highs of US$113.46. Next resistance is then at 115.19 then 121.00.

A close below the lows of the double bottom pattern at $105.31 would be confirmation of a double top pattern. Next support is at the lows of March 29 at 102.70. Bargain hunters planning to buy on dips are unlikely to let crude get below 100.00.

RES: 113.46 115.19 121.00
SUP: 105.31 102.70 100.00