Tuesday, July 12, 2011

Macro Chart Review

SPY daily chart- Trading at the 50 day EMA. 

SPY hourly chart- Looks like the SPY is testing the descending trend line that we broke out of last week. Also looks like the SPY could potentially be forming a cup and handle. Stay open minded for either direction. 

GLD daily chart- Another strong day for GLD. Watch for a break to all time highs above $153.61.

UUP daily- The wedge we talked about last week broke to the upside. The pattern measures to roughly $22.50. If this plays out, it could have negative consequences for the market. 

FXE daily- The wedge we talked about last week broke to the downside, this pattern measures to sub $134. Stay open-minded, FXE is currently trading at its 200 day EMA. 

XLF daily -failed at the high end of its descending channel and 200 day MA. The indicators look to be rolling over. Watch for bullish divergence over the next few weeks and/or new lows. 

GS weekly-if the $130 level can't hold, look out below. 

BAC daily- Trading at 52-week lows. 


*Special thanks to Option Radar, BMO Capital, MEB Options, LiveVolPro, CBOE, Option Monster, T.O.P. group, and all of the options desks and traders we work with to provide the option flow!

No position at this time. Position declarations are believed to be accurate at time of writing but may change at any time and without notice.

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