I’ve been long SSO during this grind higher for the SPX, and mentioned I was looking for a spike to 1330.  We had that move today with a day high of 1328.3. We’ll see how the index handles that trendline.

I bought NEM on trendline support of the weekly chart yesterday. The stock was down seven days from it’s last pivot. Quite a reversal today.

XAU is nearing the 200 target I mentioned a few weeks ago.

The 50dma is the target for NUGT gold ETF.

I mentioned in the January 4, 2012 stock market update, that the SPX would probably grind up to 1330. That looks like a lock here, as the index crosses the channel line. I’m expecting a spike to get us there. From there, that last pivot high arouund 1346 is doable.

The XIV ETF stock pick on December 1, 2012 has been a nice winner. We’re 30%, and eight candles up. I’m hoping for that spike higher in the market, which would help this inverse ETF.

With today’s surge out of consolidation, XAU.X has potential to reach the next major resistance area around 200. This would push the Gold ETF NUGT higher.

NUGT is now trading inside the range of that nasdty red candle from 12/13/11. There’s no real resistance until the 50dma (red).

The Gold ETF – NUGT has just about hit it’s first target around the 20dma area.

The ETF for Junior gold miners, GDXJ has reached it’s 20 day moving average.

XAU has reached it’s 20dma with a power candle on the opening trading day of 2012.

The SPX blasted higher on it’s first day of trading for 2012. The index stalled on the long-term trendline near 1284 as it should have. Money should go to work in these first few weeks. I’m anticipating a move to the weekly trendline, currently sloping down near 1330.

The SPX is finishing the year inside of a large wedge formation. We may break out either way before January 1st, and when we do, it should be a decent move.

1260 is currently trendline resistance on the upside. 1210 marks the downside trendline support.

Weekly SPX Chart

With today’s strong upside move, the SPX and Nasdaq continue to tighten their formations.

XIV weekly continues higher. 20ma target achieved.

NUGT is close to a bounce point here, as the 20 area is the projected target I had off of the head and shoulders formation. Take 39 to 29 from the right slope of the head and you have 10 points. So take 10 points from around 30 where the ETF started breaking down under the trendline. This is day 9 from the major pivot and day 5 from the key minor pivot that signaled this potential move.

DUST weekly nears trendline resistance.

XAU took a dive, and bounced where it should have today. DUST ramped higher. My earlier thoughts why I liked DUST long.