INTERMARKET ANALYSIS: The NASDAQ 100, S&P 500, euro FX (euro/$U.S. pair), gold and crude oil punch higher in unison. Bears are in a state of disbelief. NASDAQ and S&P buyers are ripping into NASDAQ/S&P shorts’ protective stop loss orders creating a self-regenerating storm of bidding. The two-month head-and-shoulders top in the S&P is busted. In today’s diary entry (available to my subscribers) I show in detail what happened today and lay out to what may happen tomorrow.
6-MONTH CHART: Gold pushes resistance at its 50-period moving average. Gold is now in day 3 of a bull (+) stair.
6-month chart for August 2009 GLOBEX gold futures (source eSignal)
Richard L. Muehlberg is an analyst and day trader. He uses the lines approach: a combination of intermarket, time-of-day and linear regression analysis. Each trading day, Richard e-mails his subscribers a detailed diary entry covering gold, crude oil, euro FX (euro/$U.S. pair), eurodollars, bonds, the NASDAQ and S&P. Study tonight. Profit tomorrow. Visit his site at www.DayTradingWithLinesInTheSky.com.
