{"id":344,"date":"2010-08-30T09:52:21","date_gmt":"2010-08-30T13:52:21","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=344"},"modified":"2018-06-10T10:58:20","modified_gmt":"2018-06-10T10:58:20","slug":"precious-metals-oil-sp500-trading-at-key-resistance-levels","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/precious-metals-oil-sp500-trading-at-key-resistance-levels\/","title":{"rendered":"Precious Metals, Oil & SP500 Trading At Key Resistance Levels"},"content":{"rendered":"

Last week was a relatively strong week for stocks and commodities. Although the SP500 closed slightly lower on the week the price action Friday was strong. The recent pop in commodities has everyone feeling good and bullish again and we all know how the market works\u2026 When everyone is feeling good the market has a way of shaking things up.
\nBelow are a few charts showing heavy volume resistance levels that will most likely cause the broad market & commodities to pullback or trade sideways for a few days as buyers and sellers play tug-o-war.
\nSLV \u2013 Silver Bullion ETF Trading<\/strong>
\nSilver had a very nice pop last week but if you step back and look the recent price action you can see that it\u2019s still trading below the previous major bounce from back in June. It looks as though silver is a little over extended as large percentage moves tend to give back 25-50% of the mover shortly after.
\nTake a look at the price by volume bar. It shows there has been heavy volume traded at that $19.00 level and the previous time it was reached sellers stepped back in pulling silver down.
\n\"\"<\/a>
\nGLD \u2013 Gold Bullion ETF Trading<\/strong>
\nGold is trading deep into the resistance level and struggling to hold up. Last week we went long GLD after the bullish engulfing candle and took profits near the high two days later on Thursday\u2019s price. Although gold is trading at resistance the intraday price action remains somewhat bullish\/neutral for the time being.
\n\"\"<\/a>
\nUSO \u2013 Oil ETF Trading<\/strong>
\nThe oil ETF broke down from its large multi month bear flag and is now bouncing up to test that breakdown\/resistance level. This could be a possible kiss good bye. I will keep my eye on this commodity as it could provide us with a great shorting opportunity in the coming days.
\n\"\"<\/a>
\nSPY<\/strong> \u2013 SP500 ETF Trading<\/strong>
\nThe equities market has been tried to bottom all week and Friday\u2019s price action looks strong. While the chart looks strong the market internals are telling me the opposite. Last week we saw a gap down and Friday that gap window was filled. With heavy volume resistance just above the current price the odds are pointing to lower prices.
\n\"\"<\/a>
\nWeekend Equities and Commodities ETF Trading Report:<\/strong>
\nIn short, it looks as though everything is trading just under or at resistance levels. That means sellers will start to enter the market and cause prices to stall (trade sideways\/choppy) and or reverse lower.
\nThat being said, with Friday\u2019s strong close for oil and the sp500 I am expecting a gap higher in the morning because traders will review those charts this weekend and enter the market Monday feeling bullish.
\nIf you would like to get my ETF Trade Alerts for Low Risk Setups checkout my service at: www.TheGoldAndOilGuy.com\/specialoffer\/signup.html<\/a>
\nChris Vermeulen<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week was a relatively strong week for stocks and commodities. Although the SP500 closed slightly lower on the week the price action Friday was strong. The recent pop in commodities has everyone feeling good and bullish again and we all know how the market works\u2026 When everyone is feeling good the market has aMore<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"\nPrecious Metals, Oil & SP500 Trading At Key Resistance Levels<\/title>\n<meta name=\"description\" content=\"Precious Metals, Oil & SP500 Trading At Key Resistance Levels\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.themorganreport.com\/blog\/precious-metals-oil-sp500-trading-at-key-resistance-levels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Precious Metals, Oil 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