Chartwatch: Gold heads south
Today, Eurodollars rallied. Crude oil entered the second “run” phase of a two-day bear (-) “run…rest…run” pattern. The NASDAQ 100 and S&P 500 attempted a rally that turned into a head-fake, then collapsed, chasing after crude oil. Euro FX and gold were caught in the undertow.
The image below is a screen capture of page 2 of my diary entry for today. The NASDAQ and S&P are in light grey. Bonds are in blue. Eurodollars are in white. Euro FX (EUR/USD) is in green. Gold is in yellow. Crude oil is in dark grey. As long as crude oil remains under pressure, equities, the euro and gold will likley remain under pressure. As always, be careful going forward.
0 Response to "Chartwatch: Gold heads south"
Post a Comment