Markets 1.13.10

Overview:

The stock market is retesting important resistance. A downside
reversal near term could become an important turn.

The Dollar appears to have bottomed and Gold may have topped.
Crude Oil needs one more small rally to test the top of its pattern
near 87.00-87.50.

Details:

The Dow has carved out a textbook topping pattern, but it needs
to break to confirm a top:



So far neither the NASDAQ nor the S&P have confirmed the Dow's new high, but the S&P does
have the same bearish pattern:

 

The Dow futures are also testing the top of the near term wedge.
Basis the cash there is a small gap near 10850. The markets may
still chop a bit higher over the next week or two:

Gold may have topped. If it has, it should decline soon, and take out the December low (1):



The Dollar looks like it bottomed. 76.50 is a 50% retracement and the area of the previous 4th wave. A good place
for a corrective decline to bottom:



Finally Crude Oil needs just a bit more on the upside to test the top of its bearish wedge and potentially
put in a top. X marks the spot:

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