The S&P 500, (NYSE:SPY) continues to stay “pegged” near its highs. We sit on the sidelines as we wait for resolution, knowing that extremes in volatility are expected as this range breaks.
The gold ETF (NYSE: GLD) has also gone dormant… we are watching for a possible long entry as price reaches down into the $120’s and the 50sma (Orange line).
Exxon Mobile (NYSE:XOM) has been hurt recently by the low price of oil, and has formed a bear flag on its daily chart. This indicates that there is a high probability that the $85 per share area will be the next to test for this stock.
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