S&P 500: Short-Term Sell
S&P 500 Futures, 4-Hour Chart Analysis
The index rolled over yesterday as the MACD suggested, and now the momentum indicator is clearly bearish on the 4-hour chart. The 2332 level and the 2319 support are obvious targets for this wave, and the test of the longer-term 2308 support level is also possible in the coming days.
Long-term short positions might also be considered here, with the recent swing-high around 2368 providing a good stop-loss opportunity. In a bullish scenario, a recovery above the 2351-2355 zone could set-up a test of the all-time highs near the 2400 level. Bulls should consider placing the stop-loss order around 2330.
Gold: Short-Term Buy (Update)
Gold, 4-Hour Chart Analysis
Gold continues to act strong above the short-term support level near $1240, and it reached are trading target at $1260 once again this morning. The precious metal is facing key resistance in this area, but a significant breakout is still in the cards, and a push towards 1300 is possible.
Traders who want to hold their long positions (or at least a part of it) in anticipation of further upside are advised to push their stop-loss level higher, as a potential failed break-out could lead to a sharp correction in gold. The $1244 level seems to be a good choice for a stop, but a broader stop around the $1238-$1240 zone also makes sense.
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