Posted by Danny on June 19, 2013
I am getting a sell signal for the Euro/US$ (click for larger image):
The 1.34 level also happened to be our upside target for the Euro.
Meanwhile, both the Nasdaq and the S&P 500 have closed above their daily reversal key levels, putting them in rally mode again.
Their daily support key levels are now at 1626 for the S&P, and at 3422 for the Nasdaq Composite.
If they fall back to close below these levels within days, then it would indicate a false breakout and probably a sharp swing to the downside. If the market can hold on to the gains, then look for a further rise into July.
Gold weakened significantly yesterday, in line with the sell signal we posted last week.
There is a chance that the $1350 level will hold for a triple bottom, and then things would start looking better going forward. If the support at 1350 gets broken, then gold can go to 1200 or even 1100 rather quickly.