The SP500 pulled back from the 1220 resistance only on its first attempt to regain this level since September. Failing to pull back toward the 50 SMA or near the 1170 level, the bulls gained confidence and pushed it above 1220 and closed at 1224.58 on Friday. Similar price actions for the DJIA (see chart below)
AAPL did a minor pullback from the 403, but not enough to give a good risk & reward setup to initiate new swing long. Gold & silver continue to consolidate and setting up for the next move. They are still too early to go long or short until they have move away from the current sideway chop.
Expecting a volatile week with earnings report coming from AAPL, IBM and GS along with OpEx week.
Here are the updated charts for the DJIA, SP500, Nasdaq 100, Russell 2000, AAPL, GLD & SLV.
DJIA:
SP500:
Nasdaq 100:
Russell 2000:
AAPL:
GLD (Gold ETF):
SLV (Silver ETF):
