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SPX – Day 8 was a bit of a pause after day 6 and day 7’s push higher.
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NASDAQ – Interestingly, The Nasdaq is actually on day 10 and day 8 & day 9 gave price a good push higher. Volume looks healthy, but price paused a little here too, so we COULD see a dip.
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WTIC – Oil is bouncing but with the current cycle count, I still expect Oil to roll over.
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I think that I have to point out the obvious: I am seeing pretty strong divergence and Gold may have temporarily peaked.
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GOLD – I had a price target of $3040 and we hit around $3050. I’m seeing MACD divergence and that usually means that price will start to weaken. Can it go higher? Yes, a little higher, but it may be running out of steam in this intermediate cycle. It CAN still continue higher in the next IC. So…
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Notice that GOLD has had this divergence at the higher high in the past too. What happened next? The IC peaked there and then it dipped into the next ICL, but these have been choppy and sideways, rather than deeper drops.
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SILVER looked good yesterday, but the Silver miners popped higher and sold off all day, some selling right down to red when Silver was green. We have a day 12 peak and MIGHT get a day 18 or 19 peak if this continues higher. GOLD seems to be on a 3rd daily cycle while Silver and Miners look to be on a 2nd daily cycle.
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GDX just barely peaked on day 17 so far. This looks like one LONG first daily cycle and then day 17 of a second daily cycle, so Miners could still go higher.
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The General Markets paused slightly and they could even stall before running higher, but the set up still looks fine. It should be a first daily cycle, so I would expect more upside, but remember that we are optimistically cautious, because the SPX also looked like an ICL when it made slightly new highs in the last daily cycle. Gold may have peaked, but Silver and Miners only seem to be on a 2nd daily cycle so they could push even higher. I would raise stops (or even lock in some gains if you feel that we’re peaking here). Bitcoin is slowly continuing higher, I’ll discuss that below. Enjoy your Wednesday trading.
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~ALEX
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REVIEW:
BITCOIN moved higher on Monday and pushed above that 200sma and the 20 ema. Let’s zoom in…
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BITCOIN is above the 20 ema and is on day 14 Tuesday, so that is 14 of a possible 60 day run. We have a lot of ‘time’ to make good gains if Bitcoin decides to run higher and leave this choppiness behind.
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BITCOIN 6 a.m. Wednesday: Bitcoin paused on Tuesday giving us a red candle and now it is on day 15 and moving slightly higher. So far it is slow progress in this sector, but we have seen that in the past too.
I DISCUSSED A COUPLE OF CRYPTO STOCKS YESTERDAY, SO I WILL JUST COPY/PASTE WHAT I WROTE THEN: They are basically a ‘buy and hold’ if you can take the choppiness. Keep it light if that choppiness is hard for you to put up with. These can pop and drop 7-10% or more a day.
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MARA continued higher to $14.35, up 16%, so it should be above the triangular wedge. Would it hold the gains? It actually continued higher and closed up at $14.61, up 18%, so it added to the gains into the close.
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BTDR was right at the lows, but the RSI is almost 50% already and the MACD crossed upward, so breaking this wedge is a bullish move. These stocks are quite oversold and have plenty of room to run if Bitcoin can continue higher. The 2024 rallies were excellent gainers!
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IREN crashed during that Bitcoin sell off, so you can see that stocks like this could double or triple if they get to recover former highs.
Tuesday March 25th 
March 27 Thursday – Choppy at the Lows
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