Market Update, 2009.10.28

28. October 2009
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ES Daily:  The S&P has come, yet again, into a sweet spot for buying.  Will this one fail?  GDP and Employment numbers tomorrow morning should give it the motivation to pop or break. 

We are at a level of symmetry (blue arrows), a 50% retracement (975.50 to highs), and the bottom of the trend channel (which is caused by things like symmetry).  This level lines up well with the highs of August (giving support).  However, many of the indicators are looking bearish.  Once again, news tomorrow morning will be a deciding factor as for direction.

UPDATE: Big rally the next day, 20+ ES points, wiping out the Wednesday red candle. Low tick of 1037.25, perfect with the 50% retracement.

 
 
GLD Weekly: This Gold ETF is retracing and about to revisit a previous high.  Bounce for a long?  UPDATE: GLD up ~2% the next day.
 
 
 
EWZ Weekly: The Brazil ETF is at a great point of symmetry.  Both blue arrows and both red arrows are of the same length.  Bounce from here?  However, if the US markets fall tomorrow, it wouldn't bode well for EWZ.  UPDATE: US markets rally the next day, EWZ up over 8%!
 
 
 
DX Weekly:  What a week so far for the dollar!  It seems the USD is getting a nice pop off the 0.786 retracement of the full move.  Plus, some nice symmetry of the initial fall off highs (both blue arrows are the same length). 
 
A couple interesting articles about the USD (and Euro):
 

Market Update

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