Thursday, July 1, 2010

Quick Premarket thoughts


Sp500 has broken the critical 1040 level that everyone has been watching. The next few days of price action will be critical as to where we'll be heading over the next 4 weeks.

Currencies are consistent with the bearish theme, AUD falling off, looks like it's got a freefall to 81c, oil has a way to go before hitting support, although a weak trendline is offset against the resistence of the MA and double top.

Gold looks to be holding up relatively well, but a short trade off gold stocks will be worth considering if the market continues down.