S & P 500: Hitting into resistance drawn from 2007 high

The rally from the Oct 2011 lows has hit into a multi year resistance trend line drawn from 2007 market high at 1334 last week. With the daily and weekly technicals overbought, a pullback is due.

Econ data has been improving and therefore I may just sell half the position for this tactical short.

First support comes in at 1270-1275.

Sell AUDJPY here

Sell AUDJPY here: Take profit at 78.90-79.20 and stop loss above 84.

There was a doji close yesterday with technicals looking overbought on daily and weekly hitting into 50 week MA resistance. Looks good for a short aud long yen trade here.

Gold Short: Stopped out by Fed low rate announcement

My gold short was taken out in a swift move on Wed by the Fed announcement that rates will remain low till 2014 and potential of a new QE3 if things doesn't improve.

Technically gold looks like it has broken out of a consolidating triangle and could look to hit 2000 from here. But with daily overbought, I will scale in a long position when it pull back down to 1676-1700 from here.

Will update soon.

Short Term Tactical Trade: Short Gold here to target 1600 first

There has been a massive USD 100 rally off the recent lows of 1522 to current levels of 1637 which is near 200 day MA. With ST indicators on the overbought scale and failure to close strongly above 200 day MA, I am inclined to take a short term tactical short in gold VS USD.

My initial target is 1600 and with further breaks exposing 1550 and recent lows of 1523 or so.