Tuesday May 6th – Strong Bulls

Hi All,

 I just wanted to mention that I usually do try to get the reports out by 7:30 a.m. ET, so people have time to read it well before the open. I will always try to get them out before the open, but this week & next they may fall a little later, even 8:30 am ET. I’ve noticed that these antibiotics do make it harder to get up early or even work on them late at night. I do still enjoy the markets, charting, etc, so this isn’t a burden at all…just an adjustment in energy. 🙂

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SPX – A pause or a dip here was expected, since the daily cycle can be 35ish days and this fits a half cycles low.

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I see formerly strong stocks that had strong bursts and crashed with the market crash as having great ‘possible’ potential, if they stay in favor. Of course there are no guarantees, but when AI, Robotics, Quantum Stocks, etc came into favor, they doubled and tripled and now that have had time to base out after the crash.

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A stock like the BBAI set up is an example of a potentially bullish company. It was here in Januaryand doubled. This was the AI sector with SOUN, AI, GFAI, etc.

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RR – Robotics are based out and popping. RR popped yesterday, but then sold off, but this is still a valid set up or base.

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SOFI – This could be a ‘buy’ at the half cycle dip. And don’t forget the ones that I had on my watchlists and hopefully you have on your watchlists now. Stocks like SOFI, RKLB, UBER, LMND, POET, XMTR. These will also be a buy at the 2nd dcl. I love XMTR but note: IT has earnings this morning.

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THE USD  has a dcl and is worth watching at the 20 ema. SO far Gold has strong moved out of a half cycle low…

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WTIC was rejected at the 20 ema and is on about day 17, so it can bounce and roll over, or bounce and break out.

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GOLD Live – Our weekly chart of Gold had a very large spike that is often a ‘topping’ candle, but right now we have Gold with a half cycle low trying to head back to the high. It may double top, it may start to chop, or it could run (A Bull is strong when buyers step in).  I’m personally expecting a strong start and a double top near $3500.

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SILVER Live Silver looks good, but silver stocks popped and dropped to fill the gap yesterday and then barely were able to bounce. We’ll see what happens today.

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GDX gapped open, dropped to the 20 ema support, and then actually reversed to the highs of the day again. Gold stocks did better than Silver stocks, some were up 3%, some 5%, some 7% in the GFI, HMY, KGC, AU, AEM, RGLD area.

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Enjoy your Tuesday trading!

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~ALEX

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BITCOIN is doing as expected, and it is a bullish set up.

1. EVEN IF we were going by the March low as an ICL, we would have a shakeout half cycle low at day 27, now we’d be heading toward a day 60 dip (even better, really, since it would be VERY right translated, right?).

2. If we count the April 7 low as the false break down shakeout low and new ICL, then we’re only on day 29 and we expected a day 30 dip. So either way, this is a bullish set up and Crypto stocks have responded well.

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WULF – I pointed out the pinch in Wulf as a nice set up for when Bitcoin turns higher. There are many other set ups in this sector that I may put in tomorrows report.