8.27.2012

Bulls may try to get 1415.75 before 1420.60-1423.40

SPX
I expect bulls will try to get 1415.75 +/-0.50 for today. If close of the day is at or above this level, the next target would be 1420.60-1423.40.
For the bearish scenario, the successive target may be 1404.00-1405.44 and 1395.00.


GOLD
Gold broke the rising triangle four days ago and is trying to win 1674.47. Gold is now 3 days above the major bearish trend line since the high of Sep 06, 2011 - a sign of bullish. If gold can win 1674.47, next target may be 1690.00. Gold bullish may favor stock markets.



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