Market Update Nov-20-2009 (Before the Bell)

Looking at the e-Mini S&P 500 (/ES), my previous forecast is not correct. Price has gone above the bearish acceleration channel (Red). It is back in our base channel (Green). E-Mini is now at 1,101. But the MACD has reached above the previous high at 1,109 on Nov-18th. This indicates a down trend should come.

If the price reached above 1,107, we have to consider the possibility that this small bearish trend we had for few days is over.

From the exact moment I expected a bounce on Gold Futures (/GC) on my previous posting, this has reached a new high of 1,167. It is now at 1,163.40. Now the lower trend channel for this is at 1,145. If it breaches bellow 1,145, we could expect the current bullish trend to be over.