GLD rebounded from the 50% Fibonacci Retracement level and currently facing 38.2% Fibonacci Retracement level. This Fibo level also coincides with the previous support turned resistance at about 120.
Looking at one year chart pattern, GLD is expected to trade between the range from 117 to 124 until there is a breakout to either both side.
As GLD is trading sideway, I am looking at Iron Condor (Option trading) as a trading strategy.
Crude Oil is rejected at the support turned resistance level at about 47.41 after showing a Bearish Engulfing reversal pattern. The Dead Cat Bounce is over and the down trend continues. Very important support around 42-43. Breaking this support will make Crude Oil very very bearish! Happy Shorting!
See previous post Crude Oil: Dead Cat Bounce in Bear Market?
See previous week Weekly Inter Market Analysis.
Original post from https://mystocksinvesting.com
SPY (SPDR S&P500 ETF)
Profit taking after SPY reached the all time high of 227.75 entering into 2017. SPY immediately rebounded after a small retracement back to 223 support. A healthy retracement is needed for SPY to move higher. Take note that bullish seasonal cycle between Nov to April.
VIX
VIX continues to stay within the complacent zone at 14.0. No fear entering into 2017. The inauguration of Donald Trump as the 45th President of the United States will be held on Friday, January 20, 2017. Let’s see whether the market is worried about what he is going to say, and prepared for the shock!
Sector Performance (SPDR Sector ETF)
SUDX (S&P US Dollar Futures Index)
SUDX is currently facing resistance at about 138 and currently take a breather. The trend remains up for US Dollar.
FXE (Currency Shares Euro ETF)
FXE rebounded from the support at around 100.65 but is still trading within a down trend channel. FXE is currently testing the channel resistance and also the support turned resistance level (horizontal red line) at about 102.88. Expect more down ward pressure for FXE if rejected at this resistance.
XLE (SPDR Energy Sector ETF)
XLE is currently retracing and forming a Bullish Pennant after hitting the recent high of 78.34. If XLE can find the support at 74.87 or 71.84, the bull has strength to move XLE higher.
USO (United States Oil Fund)
USO is currently facing the rectangle resistance zone. USO is still trading side way until a more convincing breakout. Opportunity for bullish trade when USO breaks out upward from this consolidation range.
TLT (iShares 20+ Years Treasury Bond ETF)
TLT is finding support at 117-118 and is current rebounding. Fibonacci Retracement level is redrawn to find next potential resistance. Next resistance zone about 127-128 at 38.2% Fibonacci Retracement level and also the previous support turned resistance. The trend remains down for TLT.
GLD (SPDR Gold Shares)
GLD is rebounding from the support at about 107 after the huge sell off. Fibonacci Retracement level is redrawn to find next potential resistance. Next resistance zone about 115-116 at 38.2% Fibonacci Retracement level and also the previous support turned resistance. The trend remains down for GLD.
Read the article on Ringing in the New Year with a Bullish Case for Gold here.
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