Archive for year: 2017

I'm starting off the weekly report with 2 charts that I used in the comments section of a recent report. Then we will cover the markets and especially Oil & Precious metals.

These 2 charts were used last week simply to point out the phenomenon that often happens in the markets.  It is the round number phenomenon, where markets tend to find support & resistance at round numbers.

SPX -  Here you can see how traders temporarily sell at round number resistance or buy at round number support and this affects price action.

GOLD - And my point is that this can just be a temporary pause. A sideways move may begin and build energy for the next break of resistance. Gold was near 1300.

I sure hope that it is break time!  Let's take a look at our markets after the Fed minutes were released...

QQQ - I captured this chart at 1:49 p.m.- right before the Fed Minutes were released. Do you see similarities in the blue boxes that I have been pointing out? I don't like that gap.

If you need to know how I feel about Miners,  check the reports from the last several weeks, but I will add one more thing to that discussion at the end of this report. 🙂  First let's do a market review...

SPX - After breaking below the 50sma as expected, A gap open Monday has put a  swing in place, but it is unconfirmed at this point.  Another day of follow through may help to clarify this picture.  Day 29 is on the early side in the daily cycle count, so let's see what Tuesday brings. See the chart and we'll look at the NASDAQ.

This week was a week of solid activity, and I have quite a few charts concerning the Gold & Silver race, so let's take a look at the action...

We saw some interesting moves in the markets on Wednesday, so let's take a look...

SPX - We see a reversal, but I do not expect a major run higher.

NASDAQ #1- I read head;lines saying " Even the threats of North Korea cannot hold down this bull market".

However...