Thursday May 9th – Jobless Claims
Todays Jobless Claims Report has been known to move markets in the past, and that move was often an upward move by the futures after the 8:30 a.m. release.
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The General Markets (The SPX) gapped down on Wednesday, but buyers stepped in and the SPX was only down 0.03 by the close.
The Nasdaq gapped down and moved higher too, and
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The SOXX gapped down to the trendline & 9 sma, but then ran higher and actually closed green by 21 cents.
If that is all that we get for a dip and the Initial Jobless Claims report pushes the markets higher, we may only get another dip to back test the 50sma on a half cycle low later. That dip to the 50sma may or may not happen, since this is a move out of the ICL.
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WTIC – Oil dropped and reversed and it looks like Oil peaked on the 2nd daily cycle, because this selling was pretty deep.
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The following charts that I collected of Gold & Silver were collected on Wednesday night, so THIS first chart is a live chart of Gold & Silver. You can see that both are moving higher this morning, but Silver looks better again, so far.
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GOLD has a swing low but it really isn’t really ‘confirmed’ yet with a solid close over the 10sma. This would be day 4
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SILVER is more convincing with a day 25 low and this would be day 5 trying to make a new 5 day high.
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GDX gapped down and started to go green, but it then sold off from the highs at the end of the day. Basically the Miners have been choppy intraday, with some closing red and some closing green. GDX formed a trend line, so we’ll see if it can get above yesterdays highs and break that downtrend line.
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So we have had a bit of a lack luster choppy week, but that may change at 8:30 with that jobless claims report. Enjoy your Thursday trading!
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~ALEX
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BITCOIN is on day 50 and was rejected at the 50sma twice. I am expecting this to be the final drop and that low should become a nice buying opportunity. These lows often come around day 60ish, and the last one was on day 57, so Bitcoin could see a low within a week or so. I have pointed out that I DO feel that we are seeing the crypto miners starting to bottom ahead of Bitcoin.
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I pointed out that when Bitcoin made that lower low on day 42, MARA had made a higher low and yesterday it dropped and recovered. MARA does have earnings after the bell today, so that may cause one more drip or it may prevent one more dip.
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FROM MONDAY: I pointed out the $15 mark on CLSK. I said…
CLSK also had a higher low recently, and I find this set up is interesting. $15 was support. That last low in April actually back-tested the prior highs near $14 (that is normal), and it broke the $15 support area that has held up in the past. This makes me wonder if that $14 low is the final low and $15 will hold up when Bitcoin drops again.
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Guess what?
CLSK dropped again on Wednesday and that $15 area DID hold as support again (Purple line). It bounced back into the close. I did not buy it because Bitcoin is only on day 50 and these really do move quickly in both directions, so I will remain patient.
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Speaking of earnings:
CIFR dropped 15% when they released earnings 2 days ago, but then it dropped and tried to recover on Wednesday somewhat near support at the 200sma, so again, these MIGHT BE BOTTOMING ahead of Bitcoin.
I also showed this chart of WULF a few days ago with the same thoughts about bottoming, since it has a series of higher lows, while Bitcoin is making lower lows. Again, these MIGHT BE BOTTOMING ahead of Bitcoin. I have not purchased any at this time, with Bitcoin on day 50.
