September 18th Weekend Review – Right Now
This weekend report is going to be a little different from past reports. Instead of going back & showing several charts from past reports explaining the different scenarios that we expected and how it has played out, I am just going to show ‘Where we are now’. We will look at charts that point out ‘What we have in front of us’. The report will be a bit more ‘to the point’, covering where we are right now and what we could expect. This is your Big Picture weekend Report…
SPX WEEKLY – We are due for a daily cycle low. Price is already so close to recent highs that this could actually break out and run. Is that due to Rate cuts? I can’t say for sure, but I was actually expecting the General Markets to roll over & sell off soon. THAT COULD STILL HAPPEN, but right now-we are due for a dcl and we are near the highs.
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NASDAQ WEEKLY – Could we get a break out that fails & rolls over? Yes, so JUST LIKE THE DCL THAT WE JUST HAD WITH MINERS, it can be bought, but it needs to be monitored daily.
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USD WEEKLY – The USD has a little more room to move higher. We will be looking for an ICL in Precious metals soon, so please read the chart.
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WTIC DAILY – Oil has been very choppy & sideways and it’s within the timing for a dcl. The last 3 days has seen price sell off & recover, so we have wicks along the lows & reversal candles at the 50 sma.
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WTIC WEEKLY – If this daily cycle runs long, we could continue to drift lower as shown. And…
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I said that I wouldn’t do this, but I just remembered something important, so I’ll do it just this once 🙂
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WTIC WEEKLY AUGUST 14 – A while ago I pointed out how OIL got very choppy & frustrating in 2016. I said that there is a chance that we’ll see that again…
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WTIC WEEKLY – We actually are seeing that choppy sideways action again, and it is just as frustrating now as it was in 2016 too. That lasted for over 1 year in 2016-2017, so we should keep that in mind. It is trade-able, but it may not rally for long.
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GOLD COT – Before the drop this week, you can see that The Smart Money actually went heavily short at the highest rate of this Intermediate Cycle. They were VERY SHORT going into the week, and since Gold dropped, they may have covered some of those shorts. They usually do lighten up as a dcl approaches. .
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GOLD WEEKLY – I am thinking that we’ll get a back test of the break out for our ICL. Gold itself is still above the 50 sma, but look at my indicators. We have reached prior major intermediate ‘Peaks’ levels.
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GOLD MONTHLY – Right now I want to show you an idea of the drop potential and an area to focus on. I want to throw out the $1375 ish area for our ICL, I will make adjustments as this develops further. Look at prior Bull run ICL drops that I am pointing out. Even Strong runs in a Bull market CAN HAVE pretty good drops ( I left out 2008 on purpose) . Click to enlarge.
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SILVER WEEKLY – Silver could drop to $15.50 – $16 and still be absolutely normal. It already dropped from a ‘peak’ at over $19.50 to $17.30, so another $2 is very possible.
SILVER WEEKLY – The Bigger Picture shows the upside potential that is still possible if we remain in a Bull Market. I think we will.
GDX WEEKLY – GDX still looks like we will see the a-b-c type of drop that I’m expecting. I see $24.50 – $26 as targets for now, and we will examine things daily as this drop takes place.
GDX WEEKLY – Look at our recent ICL drops. We could be looking at OCT or November to finish up this sell off. By then people may be nervous about buying every dip and that is the sentiment that we see at ICLs. Please examine this chart. It makes it very clear that a ‘b’ to ‘c’ drop is likely.
