FYI | Sep 01 2011
FNArena has added another video to its Investors Education section on the website. In this video, ATW's Jerry Simmons suggests the rally in US equities might find the going tougher as strong technical resistance is looming.
Simmons remains of the view that 1240 remains a high degree target for the S&P500 index in the US, even though his analysis suggesting the rally could well run into headwinds at 1210 already. More ominously, perhaps, is that Simmons has observed the index looks like carving out a bearish wedge on price charts.
On a more positive note, it is also still possible the US index is forming a bullish 1-2 1-2 formation. All in all, it looks like resistance at 1240-1245 remains "significant", note Simmons.
What could be a bullish signal is that the CRB index, which is a benchmark for commodities, looks like it might be preparing for a bullish break-out, reports Simmons. This could be a positive signal for equities as the CRB Index has a long legacy for leading the share market.
Equally, it would appear crude oil (WTI) is also about to break out to the upside. For gold, however, Simmons remains of the view that last week's price action marks a key reversal. He notes there's key resistance at US$1820-1835 and well-defined support is located at US$1770-1780.
Simmons also notes that as long as AUD/USD remains above 1.035-1.04 the bias remains to the upside.
To view the ATW Strategic Prep Video click HERE or visit the FNArena Investors Education section of the website.
Here's the direct link: http://www.fnarena.com/preview/index2.cfm?type=dsp_front_videos&vid=54
All views expressed are Jerry Simmons's, not FNArena's (see our disclaimer).
Jerry Simmons has over 25 years of full-time trading experience. He is the senior partner and head mentor for the “Masters” Programme within the education system at New York based Advanced Trading Workshop (ATW). ATW recently set up shop in Australia through the establishment of ATW Australia (since mid-2010).
FNArena is pleased to have Jerry Simmons as a highly valued contributor to its service which aims at both educating investors and assisting them with their own market analyses.
The above mentioned videos can be accessed via the FNArena Investor Education section at http://www.fnarena.com/index4.cfm?type=dsp_front_videos)
