Hello MarketClub members everywhere! With the markets closed tomorrow for the Easter holiday, today is the end of the week. The question now is, how comfortable are investors going to be over this long 3 day weekend? One of the tools I love using in MarketClub is the quarterly charts. I'm pretty confident in saying that very few traders ever watch these charts, but they should. They can provide you with a broad overall picture of the long-term trend that you just can't see on daily and weekly charts. I think you'll be surprised by what the quarterly charts are revealing today. Below I have outlined last week's close, as well as key levels for the PSAR. Perhaps by the time you read this post the market will have already broken the Parabolic support levels. If that is the case, I would expect further weakness in the market next week. DOW (INDEX:DJI) Close last Friday: 17,602 PSAR level today 17,392.74 Monthly Trade Triangle: DOWN Weekly Trade Triangle: UP Conclusion: Trading Range/Sideline Position S&P 500 (CME:SP500) Close last Friday: 2,049.58 PSAR level today 2,030.45 Monthly Trade Triangle: DOWN Weekly Trade Triangle: UP Conclusion: Trading Range/Sideline Position NASDAQ (NASDAQ:COMP) Close last Friday: 4,795.80 PSAR level today 4,700.81 Monthly Trade Triangle: DOWN Weekly Trade Triangle: UP Conclusion: Trading Range/Sideline Position In addition to the numbers above, I will be showing you some potential retracement levels for each of the major indices. Gold (FOREX:XAUUSDO) Close last Friday: 1,255 Spot Gold PSAR level today 1,264.36 Monthly Trade Triangle: UP Weekly Trade Triangle: DOWN Daily Trade Triangle: DOWN Conclusion: Short Position based on a red weekly Trade Triangle Crude Oil (NYMEX:CL.K16.E) Close last Friday: 41.17 PSAR level today: 42.27 Monthly Trade Triangle: DOWN Weekly Trade Triangle: UP Daily Trade Triangle: DOWN Conclusion: Trading Range/Sideline Position
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