Technical market update for 11/14/2010 by dvolatility: The S&P 500 is back under its 50 month moving average after selling off at the 61.8% retracement level and ceiling resistance from the April high. GLD (chart 5) is riding an uptrend from the beginning of 2009 and close to testing multi-year ascending channel resistance (if you have a better GLD chart post it in the comments).
The first chart is of the S&P 500 (monthly) which features the $1,000 support level where $12B hedge fund manager David Tepper told CNBC he'd be long 100% equities hedged with the "Bernanke Put". The S&P closed at 1,199 on Friday. I'm reading headlines that Tepper sold some financials and bought tech in his Q3 13F filing. I'll look into that further. I also added Jeremy Grantham's fair value target on the S&P which is $900 (cnbc video). The blue line is the 50 month moving average.
FXY (chart 2) or the Japanese Yen ETF is testing ascending channel support which started in May, 2010 and the 50 day moving avg support level (blue line). UUP (chart 3) or the US Dollar ETF is *close* to testing descending channel resistance and 50DMA resistance. EUR/USD (chart 4) is under the 50DMA and in a year long symmetrical triangle which will decide its fate in 2011 (1.19 or $1.51 re-test). EUR/USD is currently trading at 1.37.
Futures aren't doing much on Sunday night. All eyes on Japan, Ireland banks, Ireland aid... "A request for aid may total about 80 billion euros ($110 billion) between 2011 and 2013, according to Barclays Capital.", but the IMF has their wallet open "So far I haven’t received any kind of request,” he said. “If at one point in time, tomorrow, in two months or two years, the Irish want support from the IMF, we will be ready.” (Bloomberg), China tightening and US economic data going forward.
$SPX (SP-500 Monthly Chart)
FXY (Rydex Japanese Yen ETF)
UUP (US Dollar Index Bullish Fund ETF)
EUR/USD (Euro/US Dollar)
GLD (SPDR Gold Trust ETF)