USD Index & EUR/USD - Resistance in the 134.85 - 135.00 area held firm in EUR/USD. Yesterday we saw a bearish engulfing candle and a break below the minor support line from mid-February, which does ease some of the upside pressure. If minor resistance at 134.60 now protects the upside and even better if we see a confirmation of the bearish engulfing candle from yesterday today (an other red candle) and a break below 132.90 we should expect a test of the uptrend line since mid-January, but only a break here turns us down again.
VIX Index - I still favor an important bottom was put in place in early February at 16.10 and that we are currently building the right shoulder of an Inverted S/H/S bottom. we saw a close above the mid-band line at, which points towards a continuation higher towards the upper Bollinger-band at 20.57 and the neckline resistance at 21.05 any break above here should propel us higher towards 38.30.
Dow Jones Industrial - Didn't quite make it to 13,075 (only reached 13,055), but the following quick decline below 12,990 is the first indication, that a top is in place. That said we need a break below the trend line support at 12,930 and more importantly 12,753 to confirm the top and a decline towards 12,530.As long as the trend line support isn't broken we could see one last rally higher towards 13,075, but I would not put my money on that outcome.
Gold - The sharp decline yesterday and the break below 1,703.60 has confirmed the need of a second right shoulder being build. I would expect at least a continuation down to 1,615 area, before we can expect the next push to the upside.
Silver - The powerful rejection at the resistance line yesterday, could be a warning that wave c and B is already in place. If this is the case we should see a break below 32.64 soon, which would call for the next big decline towards 26.50 and likely down to the support zone between 19 - 21.
Crude oil - Has meet short term resistance near 110.00, but I will expect
support in the 103.45 - 105.30 to hold for the next rally higher towards the
2011 top at 114.83. Longer term the S/H/S target near 131.60 should attract
prices.
Gold - The sharp decline yesterday and the break below 1,703.60 has confirmed the need of a second right shoulder being build. I would expect at least a continuation down to 1,615 area, before we can expect the next push to the upside.
Silver - The powerful rejection at the resistance line yesterday, could be a warning that wave c and B is already in place. If this is the case we should see a break below 32.64 soon, which would call for the next big decline towards 26.50 and likely down to the support zone between 19 - 21.
Crude oil - Has meet short term resistance near 110.00, but I will expectsupport in the 103.45 - 105.30 to hold for the next rally higher towards the
2011 top at 114.83. Longer term the S/H/S target near 131.60 should attract
prices.
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