Tuesday, 27 May 2014

S&P 500 futures targeting resistance around 1940 at top of bearish wedge

This week the S&P 500 futures have rallied to above 1900. The weekly chart below provides a target for coming weeks of a move to trend line resistance, around 1940. Would such a move provide the ultimate top for the bleakly bearish wedge pattern that has been unfolding since the 2009 low?

Gold breaks lower from triangle

Gold has broken lower from the recent triangle, and is approaching possible support around the April and May lows. A close below the support band would be very bearish, but until we see that happen, the triangle break may morph in to a less bearish or even a bullish pattern.