Golds 50dma next res

Last week I said "look for Gold to go up to $1200". It did that and then some. This week I'm looking for resistance at the 50dma and Wr1 pivot between 1216 - 1218. Support comes in at the 20dma(1192) and the Mpp(1197).

We are setting up for a big move

Last weeks high on the S&P futures, was exactly at the Weekly R1 Pivot @1118. This coming weeks WR1 pivot is at 1117 and WS1 is at 1081. The chart shows we are setting up for a BIG MOVE any day now. Since we are trading above the 20dma I have to be bullish short term. A close above 1128 will signal a re-test of this years April's high's. A close below WS1/20dma(1080) and I'll put the bear suit back on.

Gold looking for $1200

December Gold futures did a 3day IHS on the 150dma and the WS2 pivot last week. It looks like gold made a short term trend change and wants to test the $1200 area / 20 dma. If 1160 breaks then next support is at the 200dma @ 1150.

stocks I'm watching this week

TIVO - 50dma breakout

YHOO - hammer reversal signal

BPZ - possible trend change now that it's above the 20dma

BWEN - back above the 20 and 50 dma's

F - looking for resistance at $13.10 Monthly R2

and several more picks on www.freestockcharts.com under the friends name "mtn.guy"

S&P 200dma next

The S&P 500 had a nice rally last week off the 20dma(yellow line). Look for a possible full moon reversal on Monday. The high in June was on the full moon! Look for resistance at the 200dma(white line @1113) or the 100dma(dk. blue line @1128). The 50dma(1084) needs to hold this week. A close above 1128(10600 on the Dow) and we have a new bull market!

Merriman has another excellent free commentary this week.

http://www.mmacycles.com/weekly-preview/mma-comments-for-the-week/mma-comments-for-the-week-beginning-july-26,-2010/