I commence with my gratitude to The Ultimate All-Knower
Broad market continued its fall since yesterday. All European and Asian indices were down. The 01/04/11 Time Cycle really hit hard. Gold and Silver along with other metals were down the second day as well. Gold ETF (GLD) has violated its 50 day moving average. Its test of this crucial support was tested a few time before within last several months. However, this time it does not look good.
I would not trust any up move of the Financial Markets now. It may very well be a bull-trap. The up move has to be validated by a break above the SPX resistance (previosly forecasted in December post) 1,272 and its test as support. I would look for a short opportunity until then. Be careful after the lunch. The future trend of the markets could be shown in the afternoon. .
http://trade-in-harmony.blogspot.com/
We are well above 1272 spx..
Are you looking for a tradable top here, or has it been aborted?
I'm looking for A correction in the month of Jan.
But Fighting the tape is hazardous. So is holding any long position over night.
Therefore, day trading is the best strategy.