US economy grows, eases fears of SP500 crash
It might not feel like it, but the US economy (and Australia by extension) has grown through the month of August. Service based industries led the way pushing growth – and probably pushing inflation slightly as well. Service industries are broken down into retailers, banks, hospitals (health services). I’m sure many Australian’s can agree that health services prices have risen dramatically over the past 2 years.
And while month on month reporting for the SP500 gives everyone a feeling of accomplishment, it was just weeks ago we were in the middle of a massive and immediate sharemarket catastrophe. Apparently memory only needs to be served correctly when it favours the news you’re trying to sell.
Zooming out on the SP500 we see a completely different picture. We’re seeing more pressure for markets to retrace towards their 200MDA, especially as a US election heats up.
Enjoy today’s charts and forecasts.
Gold daily chart, with 200MDA
Silver daily chart, with 200MDA
US500, with 200MDA
ASX200, with 200MDA
Gold Futures Technical Analysis
Gold Futures monthly analysis continues to recommend a STRONG BUY with Weekly analysis a STRONG BUY signal.
Technical indicators – Monthly Projections
| RSI(14) | Overbought |
| STOCH(9,6) | Buy |
| STOCHRSI(14) | Overbought |
| MACD(12,26) | Buy |
| ADX(14) | Buy |
| Williams %R | Overbought |
| CCI(14) | Buy |
| ATR(14) | High Volatility |
| Highs/Lows(14) | Buy |
| Ultimate Oscillator | Buy |
| ROC | Buy |
| Bull/Bear Power(13) | Buy |
Summary for Monthly forecast: Strong Buy
*Not financial advice, please DYOR prior to any investment decisions you make.
