Technical screens found another ETF that has confirmed a weekly triangle suggesting continuation of the current bearish trend. The pattern is confirmed with the Relative Strength Indicator (RSI) pushing below the trendline at the same time the moving average of the RSI is moving lower.
Looking at the gold charts today we find a solid bounce off support at $14.90 on the iShares Gold Trust (IAU, [stock IAU]). iShares Gold Trust has been in descending channel since early February dropping over 14% since before bouncing off solid support
U.S. futures take it on the chin after the U.S. weekly jobs report
U.S. J0bless Claims
Wal-Mart reports earning ahead of the bell.
This stock market has problems. Problems indeed! With what appeared to be an oversold bounce this morning was shattered on more negative news from the ECB cutting funding to certain Greece’s banks not to mention the FOMC statement about highlighting several members saw the need for additional stimulus causing the bulls packing once again.
After Greek leaders announced that they failed to form a government, guaranteeing at least one more round of elections, higher yielding currencies and risk-correlated assets entered a free fall. The EURUSD fell to its lowest level since January 17 overnight while the AUDUSD dropped to its lowest level since December 15. Similarly, global equity markets have sold off sharply in the aftermath, with Asian shares being hit the hardest.
Breaking News – Fed Minutes
The Aussie dollar against the U.S. dollar continues is move lower supporting our bearish basis on the AUD/USD.
Breaking New April’s housing starts are out:
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