Important support at 48 mirrors the important support at 1080 on bullion.The dollar is strengthening again but I suspect gold will rally anyhow.
Am finding the equity indices frustrating like many others.I still feel we may be near an important top but at the moment the US indices continue to grind higher on low volume despite being very overbought and numerous negative momentum divergences.US markets seem to be holding others up at the moment despite more sovereign debt concerns in Europe and despite the fiscal implications of the healthcare bill.End of quarter window dressing may be partly responsible ? The stronger dollar will be an issue for the markets I think,and volatility looks to be ready to pick up (vix chart)
The chartpatterntrader.com website does very good daily analyses of the US markets,including intraday charts and educational material
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