Market Charts for 090809

ETF UMM is about eight days into a mini-base.  I’m looking for a new high out of this cup and handle pattern.  32 target.

XAU is in the 4th day of the breakout.  The close was poor today, BUT we still have all four candles with higher lows and highs.  This run could easily resume higher tpmorrow.

SPX 1065 and the monthly 20 ma may finally get tapped within the next 2 weeks.  I wouldn’t fade this rally just yet.

A shot tp 1065 on the daily would form a breakout above the trendline resistance.  Failure there could provide the pullback desperate bears have been wanting.

OIH has driven down three times in it’s current range.  A breakout is due soon.  Not sure if I’d trust an upside break.