Charts: DGP, PWE, SPX (S&P 500 Index)
Click charts to enlarge
[[dgp]] — Short @ $16.90
Though RSI(3) indicates that gold is short-term oversold, I’ve highlighted 2 recent occasions when it was oversold and kept dropping further.
As of this moment, US$ is moving up and gold is dropping.
My target is still tied to GLD, but I’m guessing it’ll be around 50dma on DGP as well, or $15.
[[PWE]] — Short @ $13.24
SPX — S&P 500 Index
Well… I have Jan $75 puts, as insurance against a dramatic plunge, because I’m still slightly paranoid. I have that TZA which is a 3x Small Cap Bear ETF. And I bought Feb $92 SPY calls (that I sold yesterday, re-bought them cheaper today). So though overall I’m net short the market, I’m slightly hedged. Saw a “signal” indicating that SPY should be at $91.50 at some point tomorrow, we’ll see.
RSI(3) worked off the overbought condition pretty fast.
Volume was slightly lower today.
Closed at support. Should it break, SPX will go to 50dma.
Pivot points for tomorrow:
R1 921.98; S1 896.90; R2 937.25; S2 887.09, DP 912.17