The S&P 500 was not blessed with gains for the past week and dropped just over 2% for the week. We now have very clear battle lines drawn between the Bulls and the Bears. The 1276 level on the S&P 500 is where the 200 day moving average comes in this week. In addition to the 200 day moving average, we also have a long term trend line going all the way back to March of 2009. These are two key levels to watch this coming week.
In other markets the CRB and dollar index showed very little movement as they continue to be range bound. Crude oil appears to be treading water at the moment and has significant resistance overhead at $99.50 basis the August contract.
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So here’s what happened last week in the major markets....
S&P500 move for the week: -2.05%
Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
Combined Strength of Trend Score = + 85
Silver move for the week: +7.06%
Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
Combined Strength of Trend Score = + 100
Gold move for the week: +3.19%
Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
Combined Strength of Trend Score = + 100
Crude Oil move for the week: +.78%
Monthly Trade Triangles for Long Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short Term Trends = Positive
Combined Strength of Trend Score = – 55
Dollar Index move for the week: +.06%
Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
Combined Strength of Trend Score = + 75
CRB Index move for the week: +.84%
Monthly Trade Triangles for Long Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
Combined Strength of Trend Score = + 60
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