Take a look at XOM:



A symmetric triangle has been forming in XOM over the past six months or so now and looks like it could very well break to the downside based upon the most recent trading. A close below $66 dollars would seem to confirm this break.

HT Afraid to Trade for finding this.

Good luck.

Just a quick look at gold today:



Resistance has turned to support on the GLD chart as a surge in buying volume came back into this sector. A heavy volume breakout of that pennant formation, followed by a low volume consolidation is usually bullish. Today’s heavy trading confirmed this view. A break of $1000 for Gold looks to be on the horizon.

Good luck.

Today was a very interesting day for a number of reasons, the main one being that many of our trendlines remain intact:



The S&P has been forming a rising wedge over the past six months now, and is eventually going to be forced to breakout to the upside or the downside within the coming months. There are two things we need to take note of here: the first being the negative divergence we are seeing in the MACD, the second being the increase in selling volume over the past few days. Looking at this objectively, this is definitely bearish for the markets.



As we mentioned a few days ago, we have seen gold consolidate a bit over the past few days. On a daily chart, the GLD formed a double top, and proceeded to break out of an uptrending channel that had been in place since two weeks ago. We would look for a bit more selling in the GLD from here.



Similarly, the UUP dollar index has experienced a double bottom over the past week or so and looks to be headed higher from here. Again, we mentioned the heavy increase in volume on the UUP in the last post, and it looks as though that did prove to be a short-term bottom. Keep an eye for clues such as this to help determine future trends.

Good luck.

Hope you all had a great weekend. Let’s look at a few charts:



The S&P looks to be forming a rising wedge of sorts. A break to the downside would definitely be bearish, but until that happens, which it most likely will, the trend is up and continues to be for now.



After that high volume breakout on the GLD chart a few weeks ago, we’ve seen a nice bit of consolidation around that 100$ level. For those traders banking on a move past 100$, this is definitely healthy in order to have a sustained move higher.



The head and shoulders that we have been on top of since February is still in play. A break above 100$ should lead us to a target price of 115$ on the GLD over the course of a few months.



There was a strong surge in volume on the dollar last Friday. Whether this will form some sort of short term bottom remains to be seen, but it’s something to keep an eye on.



Finally, take a look at Hecla Mining Co. This stock has seen a surge in buying volume over the past few weeks as it completed a cup and handle breakout, which was no doubt influenced by the pennant breakout in gold. We would look for a retest of $3.90 on the downside as nice entry position.

Good luck.

Let’s watch this to see where it breaks out. We did make new monthly highs today across the board. Keep in mind, however that it was on very light volume. Friday will be interesting with regards to where we close.