23rd Dec. Tech. Analysis

As i stated yesterday that the down momentum might stop the formation of any possible proper short term rebound and it continued the down trend with the tes of 8740 level , gold broke down and settled at the 1080s levels , i believe that the 1100-1090 level is very strong defended resistance now and it ll hold any up movement in the gold within the Q1 2010 i believe
equities (s&p 500 ) made new highs yesterday althought it was rejected fast but it mannaged to hold its gains till the session end , but this rally couldnt give momentum to the Risk to rally with it so i m not anticipating any proper correction for the risk followed by any possible new highs in s&p 500 , i see more pressure on the risk from the gold downtrend and the solid reports coming out of NY .
existing home sales went up to 6.57m and thats a record for the last 2 years , we will be seeing the New Home sales report today and i expect a solid number as well which will put more liquidity in the market in favor of the dollar.
still all the indicators are signaling a correction coming out soon but the thin liquidity in the market is making the market act unnormal for any correction
as i m showing in the chart , price might fall of this levels to 87 which i expect to hold it for correction , if ever it ll grap a momentum for correction i see a possible levels of 8820-50 , 89 top level for rejecttion to more downtrending , will be adding short on the breach of 88 up to 89 to capture the 5th wave down
happy holidays