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8/9/12 Market Big Picture Update

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

S&P 500 Index

Current: 1,402.80
Today's Change: +0.58
Today's % Change: +0.04%

The S&P 500 closed higher today to 1,403 trading as high as 1,406 (current resistance level and above yesterday's high of 1,404) and as low as 1,399 (above 1,386 support level and above yesterday's low of 1,396). This index remains in a uptrend (since market close of 8/3/12) and overbought for three trading days in a row. It has traded between the 1,386 support and 1,406 resistance levels for five straight trading sessions.

Oil Market

Symbol: USO

Current: $34.93
Today's Change: +0.06
Today's % Change: 0.17%

The United States Oil Fund ETF (Symbol: USO) closed higher today to $34.93 trading as high as $35.17 (below yesterday's high of $35.37) and as low as $34.80 (above yesterday's low of $34.70). USO remains in a uptrend (since market close of 8/3/12) and has been in overbought territory for the last two trading sessions. The support level is the same at $34.64. However, today's action moved the resistance level up to $35.15 from $34.91.

Gold Market

Symbol: GLD

Current: $156.99
Today's Change: +0.51
Today's % Change: +0.33%

The SPDR Gold ETF (Symbol: GLD) closed higher today to $156.99 trading as high as $157 (above yesterday's high of $156.86) and as low as $156.28 (above yesterday's low of $156.26). GLD remains in a uptrend (since market close of 8/3/12) and remains neutral from an overbought/oversold perspective. The support level increased to $155.05 (50-day moving average) from $154.95 while the resistance level remains the same at $157.46.

Silver Market

Symbol: SLV

Current: $27.29
Today's Change: +0.08
Today's % Change: +0.29%

The iShares Silver ETF (Symbol: SLV) closed higher today to $27.29 trading as high as $27.35 (below yesterday's high of $27.41) and as low as $27.14 ($.01 below yesterday's low of $27.15). SLV remains in a uptrend (since market close of 8/3/12) and is overbought for three straight trading sessions. Support moved up from $26.96 to $27.05 and resistance is higher to $27.36 from $27.27.

Dollar Market

Symbol: UUP

Current: $22.72
Today's Change: +0.08
Today's % Change: 0.35%

The PowerShares Double US Dollar Index Bullish Fund ETF (Symbol: UUP) closed higher today to $22.72 trading as high as $22.76 (above yesterday's high of $22.67) and as low as $22.68 (above yesterday's low of $22.61 and yesterday's high of $22.67). Based on the action today the trend in UUP has changed from down to up and remains oversold for three straight trading sessions. Support increased to $22.71 (prior resistance level) from $22.60 and resistance is higher to $22.77 (50-day moving average) from $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