Weekly chart reading of US market indices

DJIA: Last week (19 Jan) I anticipated that the index would go down further since the slow STO was down cross 20 for the first time in the last three years thus it might hint the bigger downward trend was just started. This week it became true, and it has touched EMA(200) on the weekly chart.

From the chart is shows before 1 Feb: at best it can touch 12600 then go up, otherwise it will go down to 11800. On the daily chart the volume is down, but the STO is cross above 20, so a weak rebounce is still possible. On 1 Feb, the index is estimated at 12100 to 12600.

S&P 500 is similar with DJIA.

NASDAQ: On the weekly chart both the STO and volume is down so the overall trend is still downward. On the daily chart the STO is cross above 20 but volume is down, it seems in the next week the STO will be dragged down since it happened in the past. The overall trend is still down.

$CPC: last week it's topped at ~1.55 and I thought it could go even higher. The fact is it has gone down to the neutral level. I expect it goes higher the next week.

$VIX: last week I estimated that it should go even higher than 30+, no big drop yet, this week it has become true at ~37.5. I expect it goes down to about 21-23 the next week.

$USD: last week I thought it's a bullish reversal however this week it's going down. Due to the Fed rate cut I expect it goes further down.

$XJY: last week I said it's in a up trend and might eventually go to 95. Now it has reached that level and started to go down. STO has not crossed down to 80 yet, so confirmation is needed.

GLD: The price of gold is at a new high level. STO and volume is both in up trend so I expect it goes up further.

Old blog recycled

I created this blog long time ago now it has been merged with google services. Fortunately I claimed it back and linked with my gmail account. Later I will use it to write my trading notes.

Thank you, google!