first majestic silver

Technical Traders View on Gold & SPX

Technical Analyst, Trader, & Founder of Technical Traders Ltd
June 28, 2010

It was a non stop sell off last week in equities as the SP500 sold down 4 days straight with a small move up on Friday. While investors were cashing out of stocks, we saw that money move into the big shiny yellow safe haven - Gold.

I have put together a short video showing you how I see the market and what I think is likely to happen this week for gold, stocks and financials. But here are my Cole's Notes version incase you cannot view the video.

Gold

  • Long term trend is up and I am currently long gold but feel a sharp correction could happen any day.
  • Price/Volume action on gold is bearish short term
  • We took some money off the table on Friday into the strength
  • I am protecting my long position using a stop around the $1240 area
  • I still like gold and hope it rallies, but if it turns around I will be in cash until the correction is over.

SP500

  • SP500 is currently oversold after its 4 day sell off
  • This index is trading deep into a support level
  • Financial sector and GS (Goldman Sachs) tend to lead the market and they performed well on Friday.
  • I feel the SP500 index is due for a solid 2-3% bounce and possibly a 4-6% rally

Watch My Video for More Detailed Analysis and Price Levels

www.thegoldandoilguy.com/articles/sunday-june-27th-gold-spx-video/

 

 

If trading Gold, Silver and Index Futures and ETFs interested you check out my trading services at www.TheGoldAndOilGuy.com

Chris Vermeulen

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Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several financial hubs like MoneyShow.com.

 


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