I thought I'd look at the S&P 500 and Russell 2000 Indices, Gold,
and Oil to compare where they are trading on a 1-Year Daily timeframe
relative to their 50 sma and on a 3-Year, 1-Year Daily, and 11-Day timeframe
relative to each other.
The first chartgrid shows a 1-Year
timeframe, with the SPX and RUT trading around their 50 sma, Gold is
above its 50 sma, and Oil is below its 50 sma. The second chartgrid shows a
2-Month close-up shot, with today's recovery into the close on
the SPX, RUT, and Oil. Gold closed near today's low. While the SPX and RUT have
made a new high during the past year (which is serving as near-term resistance,
thus far), Gold and Oil have not. The triple top on Gold at 1800 is serving as
major price resistance, while the 100.00 level is holding as major price
resistance on Oil (with the 50 sma holding as near-term resistance at
93.96).