Looking Forward

I’m actually looking forward to the weekend report.  This week is playing out as anticipated for the most part, so this weekend I will point out some more of the bigger picture things that I have been looking at. 

SPX – This climb is heading towards some resistance. We have Wednesday and a 1/2 day Thursday, do you think this will be able to break out higher on a 1/2 day of light volume holiday trading?   Hmmm?

Look at this weekly chart of the SPX …

SPX WKLY –  There is a blue channel line that may provide hope of an uptrend. A break of that shows us that this was a ( Red Lines) Bearish wedge , break down and back test ( Orange Arrows) .

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USD –  The dollar is pulling back as expected, and may have found some support at the 50sma. I dont really see signs of a recovery here. Time will tell, it looks weak,  this could hold and then drop to the 200sma. 

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WTIC – I’ve been expecting that a Daily Cycle Low could form in this area.  The 10 sma has held price down, but we closed above it Tuesday.  Now that 20sma should be the next  challenge and may identify whether this is an ICL or a DCL.  I think OIL will move higher from here, but watch the action around that 20sma.  If we dont just go sideways, we may get a MACD cross for the first time in many weeks.

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NATGAS – I said that NATGAS is very deep in the timing for a DCL, and most likely an ICL. This remains a bullish set up and I WILL NOT know if it is an ICL tomorrow or Thursday,  ( unless it breaks below the recent lows,  then it is not, but that is HIGHLY UNLIKELY).   So it remains a good set up above the recent $1.68 lows.  Keep your eyes on that.  If you are in UGAZ, expect large moves, that’s what you sign up for in 3x etfs.    So far-  It’s all good.   🙂

GOLD – Gold closed above the 10 & 20 Monday and today did a little back test. The chart looks good.  This could break higher at any time and that  would not surprise me with the current C.O.T. readings.

GLD –  This is how you can look at things intra-day.  I sent this to my brother – in – law  today  when he asked if I was concerned that Gold was red today. Answer: No.

GDX –  Monday & then Tuesday  I basically said that it was up against resistance,  and it could  POP or DROP.  These 2 charts were posted then.

GDX DROP – Daily cycle could extend.

GDX POP – Look for a break out and buy it.

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GDX 12-22 –  So far it was a small drop, and it can still POP or Drop from here too. We are either on Day 3 of a new daily cycle  ( And it will break out higher soon )  or we are on day 23 and could roll down into a day 27, 28, 29, 30  DCL,  as seen on yesterdays HUI chart.
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   SO that’s it.  Day by day there is not a whole lot of change going on in this shortened holiday trading week  ( In the U.S.). Things are basically unfolding as expected, and so This report covers what I am expecting for both Wednesday and the 1/2 day Thursday.  I do not anticipate a need for another  report Thursday for the 1/2 day.   If anything crazy happens Wednesday, you know that I will write something.

   I have readers from all over this planet, so I just want to say that whatever your plans are for the days that the markets are closed,  be safe and enjoy your families if you have opportunity to.  Family time is  really important to me, so I wish you some restful /  fun  family time.   : ) 

  I will try to check in from time to time to answer any questions that may be  in the comments section on Wednesday or Thursday,  but I will be away from my desk often.  Most of what we can expect is in the last 3 reports.

  As a sidenote:  Do you see the higher lows in Miners since September and see the charts of  SA, NG, and a few others?  This could be a very good set up, with huge potential in the coming year if things continue to play out this way.  Going into the New Year I do expect a rally in precious metals.  Higher highs and higher lows could be the start of something Bullish – I will cover more in the weekend report.

Thanks for being here – I do appreciate all of you !  

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~ALEX