Nothing has changed since Tuesdays trading, some areas improved, and the markets remain bullish even if we can expect a pullback in some area. TODAY IS A FED DAY THOUGH, and you know what 2p.m. to 4 p.m. can look like. Buckle up if you are ‘buy & hold’, and try to enjoy the ride. Consensus is that they will ‘cut’ as early as June. His speech will be a big deal, in my opinion.
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SPX – We could be seeing a mild half cycle dip. It can reverse with the Fed bullishly, or it may crawl down that 50sma. Stops should have been raised along the way…
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Yesterdays chart here shows where ‘Stops should have been raised along the way‘. You COULD raise it to the 50sma, but you may become a ‘shakeout’ victim and need to find a way back in later.
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LMND released earnings with a beat, but it gapped open much higher and sold off to support. It is worth watching.
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SOUN – SOUN & BBAI look similar and it may just be a matter of time before these break higher. BBAI already had earnings and look good, SOUN has earnings Friday after the market.
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XMTR has been doing great and it did very well last year. They released earnings as a beat and it took off higher. I really liked how this acted last year and I wanted to own this. I had a small starter in this one and added. A simple run back to $45 highs would be excellent (especially from lows of $18 in April, which I missed).
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THE USD has a dcl, and a possible ICL since this has been a long intermediate cycle. The MACD is rising and we have to wonder if Gold will drop if the USD pops (With the Fed today). Watch that 20 ema.
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I am saying that GOLD has a half cycle low, and we were expecting this dip to the 20 ema & then this reversal. The big question remains however, “Was that large spiked topping candle on the weekly chart and top?‘ Gold looks great, no doubt about that, but the macd is calling for chop, and if it drops after the Fed today, Thursday and Friday, we will have 2 weekly topping candles at the highs. Keep that in mind.
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GOLD could drop or become quite choppy if the USD rises. It is still oversold and reversed at the RSI 50, so it remains quite a bullish set up. Stops at $3200 would be a safety net.
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SILVER does not look bad, the MACD is bullishly aligned here. It actually looks to be in sync with the general markets after that April crash. Yesterday the Silver stocks actually perked up and looked good after Mondays lack-luster day.
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This was AG with 1 hr to go yesterday. This actually looks like a bullish wedge type formation.
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This is CDE and the MACD looks good, its oversold, etc. These really look good, but lately silver stocks have not been able to continue with the follow-through, so we’ll see what happens here at overhead resistance.
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GDX – I feel the same way about GDX. This really is a nice bullish looking set up that is oversold and reversed right where it should have. Buyers came in at the 34 sma, volume is increasing, etc. I was recommending selling on the bounce, but I would personally have a hard time lightening up with this set up.
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Everything looks great. It is a Fed day at 2p.m. We all know how that goes. I’ll be taking a nap before then so I don’t miss the fireworks 🙂 Enjoy your Wednesday trading.
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~ALEX
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Also perking up nicely is BITCOIN:
We had a peak on day 25 (R.T.) and I looked for a dip around day 30. We saw a new low at day 29 yesterday and it immediately flipped higher. That may be the day 30ish low or pause. Crypto miners are starting to benefit.
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For Example:
BTDR is a great looking base now above resistance turned support. It moved higher yesterday.
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CIFR released earnings premarket and sold off, reversed at the 20ema, and closed up above the 50sma. The earnings was a beat.
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RIOT – A base an now a possible up channel forming? Great volume buying last week.
.WULF – moving through a tangled web of resistance, but supported at the 20ema/34 sma. Now closing above the 50sm, so we are seeing improvement here.
Tuesday May 6th – Strong Bulls 
Post Fed Action
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