September 16th – Not A Lot Of Change

We really didn’t see a whole lot of change since yesterdays report, so we’ll just take a look at what happened in various Market Sectors yesterday and see if it adds anything to the short term trading.

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SPX – We are still waiting for a confirmation of the swing low, but this is likely day 2. I’d expect a push higher sooner or later.

 

Yesterday The IBB broke a down trend & had closed above the 10sma. It was heading for the 50sma…

 

It is ahead of the General Markets, since it has now closed above both the 10 & 50sma.

 

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BITCOIN continues to rise slowly off of support, so the GBTC bitcoin trade would be doing ok, but RIOT & MARA didn’t follow along nicely. I’ll be watching those for a better reaction going forward.  I do own RIOT.

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The USD broke above the 10sma and stalled, chopping along sideways.  If this pops higher,  we could expect to see Gold dip lower, but so far they’re both chopping sideways.  We’ll see if that changes Wednesday or through the week.

 

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GOLD  has not changed since yesterdays report, it continues to chop sideways on day 23 along the 34 sma. It has broken a down trend.

 

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SILVER continues to chop sideways too.

 

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GDX – Popped higher and then sold off into the end of the day.  It closed even so out choppy consolidation continues, but as mentioned in recent reports, some individual Miners are finding follow through and several are up near June highs.

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Honestly we didn’t see a lot change from yesterdays report. We are looking for some upside in the General Markets to get the SPX, NASDAQ, and DOW over the 10sma.  The USD has been sliding sideways, so we are still in choppy sideways consolidations with Gold & Silver too.  GDX & GDXJ popped & dropped, but there are some individual Miners that area chopping higher. Yesterday I pointed out that the charts do not look bearish at this point, so we may be seeing a later stage Daily cycle ( 4th) rising and the Intermediate Cycle  ( ICL to ICL) could last longer than the normal 6-7 month usual. Yesterdays report had MAG, SSRM, LODE, GFI, KGC, etc highlighted. You can refer back to yesterdays report if you need to review a few Miners. I’ll mention a couple below too.

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There have been a variety of trade set ups and they’ve been in recent reports, enjoy your Wednesday trading!

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~ALEX

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VNNHF – I just wanted to point out somewhat of a cup & handle formation in one of the smaller Miners. You can see that many of these are not easy to ride lately, with price being quite choppy, but it is now back near the May highs and could be preparing to break to new highs soon.

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TUDOR GOLD & SPANISH MOUNTAIN: Let me show you what I’m thinking with the current set up for these Miners.  It is just an idea, but a valid idea in my opinion.

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TDRRF – I own SPAZF and was looking to buy Tudor Gold.  I think that their charts are very much alike, and they are at the 50sma , so it is either time for a break higher or a shake out. SO read this chart and then we’ll  look at SPAZF too…

SPAZF – I posted this chart on September 10 and SPAZF has simply chopped sideways onto the 50 sma just like Tudor. Their charts are very much alike, wouldn’t you say?  I bought this and have been watching for a shake out (break down)  or bounce from support.  Either way, I wont sell what I own, I’ll add somehow.  I will add on a reversal or the next DCL in Gold & Silver. Now lets look at SPAZF today…

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SPAZF – No real change since that Sept 9th chart.  It is possible that instead of breaking down, a Miner like Tudor or Spanish Mountain could just continue to consolidate and form a familiar pattern over time, as drawn here.  This could be what we see as a future set up before it starts breaking out again.

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SAME CHART : That would mean that these could be the next lows at the 50sma, and this was my thinking when I bought SPAZF on this pull back.  This is a good discount from the highs ( almost 60 cents in August & it dropped to 35 cents). I will simply add later.

FVAC – These acquisition plays are making great gains, so I pointed this out as a possible cup & handle &  bought it Monday. This is similar to HCAC, and this sector has been the hot one lately with SPAQ, SHLL, GRAF, FMCI, HCAC, IPOC, IPOB, etc etc etc .

 

HCAC – This can still take off higher ( See IPOB, SHLL, etc), but I decided to lock in my quick gains when somewhat of a reversal candle formed.  I HAVE SEEN THESE CANDLES form in this sector lately, and yet they did not sell off.  Why?  It seems that this candle just represents quick, short term profit taking & then buyers step in the next day . You’ll see a similar candle 2 days ago too.

 

SPAQ – We have been enjoying a great run in SPAQ, and…

SPAQ –  It has the same candle forming here. As you can see, in this sector it just seems to be a form of ‘short term profit taking’ from day traders, but then follows through with buyers again the next day. IF THIS PULLS BACK, I don’t think that it means the run is over, It may just drop to a support level in the $14-$15 area.

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SAME CHART:  So just to be honest, I do not recommend selling here if you are in it for the ride to $20+,  but I sold some of what I bought at $12 when SPAQ was above $17.  If this dips even lower, I’ll buy back in at support. I still own a good chunk and that was just a day trade– I do trade that way as a trader for profits when I see reversal candles etc, but like I said-these have been defying reversal candles when Buyers step back in.

 

NIO, WKHS, CREE, and other trades were mentioned in yesterdays report too.