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8/8/12 Market Big Picture Update

|Includes:GLD, SLV, SPDR S&P 500 Trust ETF (SPY), USO, UUP

S&P 500 Index

Current: 1,402.22
Today's Change: +0.87
Today's % Change: +0.06%

The S&P 500 closed higher today to 1,402 trading as high as 1,404 (below yesterday's high of 1,407) and as low as 1,396 (above yesterday's low of 1,394). This index remains in a uptrend (since market close of 8/3/12) and for two trading sessions in a row has remained in overbought territory. It has held the 1,386 support and 1,406 resistance levels for four straight trading days.

Oil Market

Symbol: USO

Current: $34.87
Today's Change: -0.04
Today's % Change: -0.11%

The United States Oil Fund ETF (Symbol: USO) closed lower today to $34.87 trading as high as $35.37 (above yesterday's high of $35.25) and as low as $34.70 (above yesterday's low of $34.54). USO remains in a uptrend (since market close of 8/3/12) and is now trading in overbought territory. $34.64 and $34.91 are the support and resistance levels.

Gold Market

Symbol: GLD

Current: $156.48
Today's Change: +0.20
Today's % Change: +0.13%

The SPDR Gold ETF (Symbol: GLD) closed higher today to $156.48 trading as high as $156.86 (above yesterday's high of $156.63) and as low as $156.26 (above yesterday's low of $156.01). GLD remains in a uptrend (since market close of 8/3/12) and is neutral from an overbought/oversold perspective. The 50-day moving average of $154.95 is support and $157.46 is resistance.

Silver Market

Symbol: SLV

Current: $27.21
Today's Change: -0.06
Today's % Change: -0.22%

The iShares Silver ETF (Symbol: SLV) closed lower today to $27.21 trading as high as $27.41 (above yesterday's high of $27.35) and as low as $27.15 (same as yesterday). SLV remains in a uptrend (since market close of 8/3/12) and is overbought for two straight trading sessions. Support is $26.96 and resistance is $27.27.

Dollar Market

Symbol: UUP

Current: $22.64
Today's Change: +0.04
Today's % Change: 0.18%

The PowerShares Double US Dollar Index Bullish Fund ETF (Symbol: UUP) closed higher today to $22.64 trading as high as $22.67 (above yesterday's high of $22.61) and as low as $22.61 (yesterday's high). UUP remains in a downtrend (since market close of 8/3/12) and is oversold for two straight trading sessions. Support is $22.60 and resistance is $22.71.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: SPY, USO, GLD, SLV, UUP