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Public blog posts only as education and entertainment. private membership market updates reflect my view and analysis of the market. The information contained on this website and from any communication related to the author’s blog and charts is for information purposes only. The chart analysis and the market comments do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor. And i absolutely discourage trading options.

Thursday, August 11, 2011

$spx, gold - very volatile day

today's market action on both GOLD and $spx is pretty much expected, good for the MT and IT roadmap as on the special pattern report.

yesterday i reported potential GOLD TOP at all time high of 1817.6 at the LT mid pitch fork resistance, also with the humble style GOLD_USD sentiment charts. today GOLD closed at 1751, down $66 an ounce.

PS. Aug 12:
after open gapped up on retail sales and short selling bans on Europe. shortly after open, $spx made 2 points higher then yesterday's high, and that's the high of the day.
then on a weak consumer sentiment reading of 54.9, $spx pull back to back test the upper blue trend channel line two more time, the line was also back tested at yesterday's close.
$spx is trying to build a base around 1173.
after the tremendous volatilities to the downside and upside, $spx only down 21 points or 1.8% from last Friday's close of 1199's.
$spx MT price target issued, a potential short term pattern observed, two conditions for qualification needed. tza could be moving toward the mid green pitch fork...
stockcharts public list voting still below expectation and shows little support, not enough for me to post more quality real time charts.