Trend Watch:Weekly update 8 Nov ‘09 $EEM $GDX $SPY

Posted by Drizzt
November 8, 2009

This week we have the response to a correction and to put things simply, we got some relieve upward move where we might be in for an important move next week.

SPY Weekly

Trend Watch:Weekly update 8 Nov 09 $EEM $GDX $SPY spyweekly

It would seem that we are holding a support drawn from the through of the last 2 correction. Base on price movement, we should be attempting to retest the 200 EMA. MACD still looks like it is going to turn to negative territory.

EEM Weekly

Trend Watch:Weekly update 8 Nov 09 $EEM $GDX $SPY eemweekly

In terms of the EEM Weekly, we are still well in the uptrend. Only a break below the 200 EMA might tell us otherwise. When its up we trade based on an upward bias.

The MACD looks to be turning down, this would indicate a change in trend. We might not get a 40% move down from here, but likely it will take some massive sideways movement to work this high RSI and MACD off.

This is what happen in the 1975 after the massive run up from the 1974 plunge. It just go sideways.

EEM Daily

Trend Watch:Weekly update 8 Nov 09 $EEM $GDX $SPY eemdaily

The last few days took us back to the 26 EMA and the upwards trend line. MACD might turn up from here. So how should we trade this? I will be watching the MACD pretty closely. I will be looking for short term trades on an upward bias bu if the next 4 days action shows that it can’t stay above the moving average, i would cut loss and re-evaluate at support 37.50 and 35.

GDX Daily

Trend Watch:Weekly update 8 Nov 09 $EEM $GDX $SPY gdxdaily

GDX looks like a good short term channel. Right now the risk vs reward to trade upwards is not there. I would look for it to correct if it will to do some channel trades. That is, if the USD holds up.

When you trade GDX you always think that there is gonna be a very big upward breakout. I will watch that closely.

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Related posts:

  1. Trend Watch:Weekly Update for 04 Oct ‘09 $Spy $Eem $Ews
  2. Trend Watch:Weekly Trend Analysis 06 Sept ‘09 $spy $eem $gdx
  3. Trend Watch:Weekly Updates 27 Sep ‘09 $SPY $EWS
  4. Trend Watch:Weekly Review 01 Nov ‘09
  5. Trend Watch:Weekly Updates 20 Sep ‘09
Technical Analysis, Trend Watch

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Comments
Pingback by A MarketClub video drawing the same conclusion as me on December 24, 2009 @ 1:42 pm

[...] I written a fair bit in my pass Trend Watch series about how the 50% Fibonacci acts as a strong long term resistance. [...]

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