Saturday, September 05, 2009

Market Review, Sep 5/09


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Gold rallied and is acting strong. US Dollar has been range bound. Both these factors likely contributed to neutralizing the bearish sentiment.
Unless we see a re-appearance of bearish sentiment in the form of renewed selling interest below 994, then I think the odds are good that the market will trend upwards to re-test prior resistance @1031-1032. If that is the case, then a dip below 1008 should be met with buyers, and that is what I will be looking for on Tuesday's session. If the market doesn't even make it down to 1008, I will interpret that as a bullish sign.
Will also look at the Shanghai Composite ($SSEC) and FDAX on Monday for further clues to market sentiment and bias for Tuesday.

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