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SPX AND GOLD AGAIN/OEX RESISTANCE

|Includes: DZZ, GDX, GLD, Randgold Resources Limited (GOLD), SPY

One thing I have noticed is that sometimes it is worth taking a look at the SP 100. Many times when everything is looking great on the SP 500 the SP 100 tells a slightly different story. I am posting an hourly chart of the SP 100 to show you the resistance area that is important. The SP 500 went above and closed below the corresponding levels. On a daily chart the market reversed on very high volume as well, not a good sign.

On to GOLD. Previously I wrote about 3 being the magic number in technical analysis. On the daily chart of GOLD you can see that we have made 3 new highs and the 3 momentum indicator peaks do not keep pace with the price. I am expecting a follow through to the downside. 

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