Gold seems to be treading water at present although there are intraday patterns which resemble the cup and handle pattern that preceded the major breakout in early October.

Google (GOOG) has retreated almost to its 50-day EMA where Clive Corcoran would expect to find some buying support.

Equities are retreating in European trading on Tuesday morning.

The KBW Banking Index (BKX) has been one of the outstanding performers since the turn of the year, and the way is clear for a challenge of the October high.

The combination of New Year repositioning plus anticipation of today’s NFP data is creating patterns that are not easily susceptible to interpretation.

PEY, an ETF which tracks stocks with a consistent record of dividend increases, appears to be stalling near the previous highs from last October.

The S&P 500 reveals that the index has reached back to its 200-week EMA and this could pose some resistance to progress in the near term.

The current fragility of the euro and the growing distaste of the Chinese to be too reliant on using the US dollar as its largest reserve currency are inter-linked and will probably be large factors in determining the appetite for US equities during 2010.

Clive Corcoran writes that there could well be a digestion of recent gains for the dollar today.

Clive Corcoran takes notes of a trio of headaches for the big FX carry trade advocates.