S&P 500 ~ EOD Update ~ 7 November 2011

As said last week as long as 1190ish doesn't break I don't trust this sell-off from 1290ish.

End of year is often bullish, thus, as long as we stay above 1190 we could see higher prices (wave C to 1310ish or so).

Support levels are at 1220-1230 (top of previous range) and 1190ish. Resistances are at 1260ish, 1285 and then at 1300-10.

Silver ~ Update ~ 2 November 2011

Silver broke the resistance at 33-34 late October and then rallied to 36:

As long as ~33 holds the trend is up.

Gold ~ Update ~ 2 November 2011

Gold broke the resistance around 1700 about one week ago and then rallied to 1750:

So far, we've already got a 200+$ rally from the blue support line and as long as the 1680ish level holds the trend is up.

S&P 500 ~ EOD Update ~ 1 November 2011

Ping Pong: The market opened at the lower end of the support zone at 1220 and bounced to 1233 from there. By noon the SPX closed the gap at 1215 and then rallied again to 1233. By the end of the day we were back near the lows and closed at 1218.

As mentioned earlier today wave (B) probably ended at 1293 last week and we're in wave 1 of (C) now. I'm not convinced yet because late October to December is usually bullish. So, this could be only a correction. I think 1190ish has to hold though for the bullish scenario. So, if we break below 1190ish wave (C) is very likely.

Support levels are at 1215-20 and 1190ish. Resistances areas are at 1230-34, 1253 and 1285.

S&P 500 ~ Pre-Market Warm-Up ~ 1 November 2011

The ES hit 1212.50 a few minutes ago losing almost 80 handles within less than three days!

Wave (B) (or [2]) probably ended at 1293. Wave 1 of (A) was around 110 points. If we assume the same length for wave 1 of (C) we get a target of ~1185 which is right at the 1190ish support area.

Support levels are at 1220/30 and 1190ish. Resistances are at 1253 (today's gap), 1285, and 1300ish.