S&P 500 ~ EOD Update ~ 31 July 2012

The market reached the 1390 resistance area late Friday/early Monday. Since then the SPX has been declining:

If we zoom in, we can see that the correction thus far looks rather corrective than motive. Thus, if the SPX can breach the upper trendline, we should see another rally into the 1390 area.

EUR/USD ~ Update ~ 29 July 2012

No change for the EUR/USD: As long as we stay below 1.24ish, the medium-term trend is down and we should eventually see 1.19.

If 1.24 is breached though, a rally to 1.27ish should follow.

Silver ~ Update ~ 29 July 2012

Silver is still above the critical support area:

A decline below it would be bearish medium-/long-term. On the other hand, a rally above the declining trendline (currently around 32) would be very bullish long-term.

S&P 500 ~ EOD Update ~ 27 July 2012

Another huge rally today. We're back at the upper trendline and near my target at 1390ish.

If the market continues its behavior of the last few weeks, we should form a top around this level and then decline back to the lower trendline again. But we'll see what happens next week.

Have a very nice weekend!

S&P 500 ~ Intraday Update ~ 27 July 2012

The SPX opened above 1365. As said yesteday, a break above it, should lead to a new high above 1380. We're currently at 1375, so we're only a few points away. My preferred target is the 1390 area: