Some charts for Wednesday (25 Jan 2009)

We could be setting up for a short term rally at least until the end of this month. Looking at the Daily chart, SPX 801 could be the target.



When we drill down to a 15 minute chart, SPX will face some resistance at around 780. The game plan is simple, sell if it reverses around 780. Add to your positions if we get above. 780


Keep an eye on the EIA report today, I sense that XOM is about to make its move towards 74.47. This is a day trade only, you won't wanna risk any money holding this overnight at the moment. There should be some opportunities to day trade if it gets above 74.47.




GLD chart is suggesting for a pull back towards that 20 MA. If it falls below 90.49, could be the beginning of a huge correction....other wise you could attempt small longs on gold etfs or GDX.



I think GS has quite a fair chance of making it to 96. The smaller brother to watch is MS...both have held up quite well among all the financials. Not saying I am bullish, just some opportunities for a trade.



That about round up what I am watching. Happy trading.


Watchlist:
GS, MS, SPY, XOM, MOS, GLD, GDX