Gold futures are close to Yearly R1

Gold last week made new all time highs. The June futures contracts are getting close to the Yearly R1 Pivot @$1261(purple line marked R1). On a continuous chart Yearly R1 Pivot is $1282. Longs be careful up here and maybe book some profits at the YR1 pivot.

watching the 200dma for support

Last week I said, to look for a retest of the 50dma and that's exactly what the S&P, Dow Jones and Nasdaq did. This week I'm looking for the 200dma at 1090. Resistance comes in above at 1145 and then at 1173.

Crude oil on Yearly PP

June oil futures keeps bouncing of the Yearly Pivot(purple line marked P) at $75.35. Good risk/reward there for a long.

Natty yearly S2 pivot holds again

June Natgas futures keeps finding buyers(support), on the yearly S2 pivot(purple line marked S2). I still think the low for natty is in for 2010. I'll be wrong with a close below YS2.

back in the buy zone

The percent of stocks trading above their 40dma has dropped to 15%. Now we are back into the buy zone. I'm looking for the S&P to trade between the 50dma(1170) and 200dma(1090). This will only be a short term buy, as the market has made a major trend change that will last through August 10th, 2010. I'm expercting more downside through the summer.