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8/14/12 Market Big Picture Update

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

S&P 500 Index

Current: 1,403.93
Today's Change: -0.18
Today's % Change: -0.01%

The S&P 500 closed basically flat today at 1,404 reaching a high of 1,410 (above yesterday's high and resistance level of 1,406) with 1,401 the low (above yesterday's low of 1,397 and above 1,386 support level). The index remains in an uptrend (since 8/3/12 market close) and overbought for six straight trading days. Also, while it may be difficult to imagine with little price action the underlying technicals I follow strengthened today after weakening the prior two sessions. The S&P 500 remains range bound between the 1,386 support and 1,406 resistance levels.

Oil Market

Symbol: USO

Current: $34.92
Today's Change: +0.26
Today's % Change: +0.75%

The United States Oil Fund ETF (Symbol: USO) closed higher today to $34.92 trading as high as $35.09 (above yesterday's high of $35) and as low as $34.72 (above yesterday's low of $34.38). USO is in a downtrend (since 8/10/12 market close) and is in overbought territory for the last five trading sessions. The support and resistance levels are the same at $34.64 and $34.93, respectively.

Gold Market

Symbol: GLD

Current: $155.13
Today's Change: -0.86
Today's % Change: -0.55%

The SPDR Gold ETF (Symbol: GLD) closed lower today to $155.13 trading as high as $155.58 (below yesterday's high of $157.45) and as low as $154.83 (below yesterday's low of $155.90). GLD is in a downtrend (since 8/13/12 market close) and neutral from an overbought/oversold perspective. The support level decreased from $155.35 to $155.09 (50-day moving average) while the resistance level decreased from $157.18 to $155.39 (21-day moving average).

Silver Market

Symbol: SLV

Current: $26.96
Today's Change: +0.04
Today's % Change: +0.15%

The iShares Silver ETF (Symbol: SLV) closed slightly higher today to $26.96 trading as high as $27 (below yesterday's high of $27.22) and as low as $26.87 (below yesterday's low of $26.90). SLV is in a downtrend (since 8/10/12 market close) and neutral from an overbought/oversold perspective. Support moved higher from $26.77 to $26.92 (50-day moving average) and resistance increased from $26.93 to $26.96 (today's closing price).

Dollar Market

Symbol: UUP

Current: $22.66
Today's Change: +0.01
Today's % Change: +0.04%

The PowerShares Double US Dollar Index Bullish Fund ETF (Symbol: UUP) closed slightly higher today to $22.66 trading as high as $22.69 (above yesterday's high of $22.67) and as low as $22.64 (above yesterday's low of $22.59). UUP is in a downtrend (since 8/13/12 market close) and neutral from an overbought/oversold perspective. Support and resistance are the same at $22.60 and $22.71, respectively.

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