Wednesday June 25th – Still Rising Upward
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SPX – The general markets gapped up higher and they are heading toward all-time highs again. We could count that day 17 tag of the 20 ema as a half cycle low.
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The NASDAQ is just about at the all-time highs and that tag of the 20 ema was a nice reversal candle. Despite all of the geopolitical unrest in the world, the Bulls remain firmly in control. This is a very nice looking chart at this point. Yesterday & recently I pointed out charts like AAOI, BBAI, IONQ, TSLA, LMND, RKLB, NVDA, GOOG, NFLX, AFRM, POET, SOUN, RGTI, etc to show the bullish set ups. If you grabbed that BBAI stock from yesterdays report that has been in a base…
If you grabbed that BBAI stock from yesterdays report that has been in a base, then you were treated to a 25% pop.
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WTIC – Oil lost another 5% despite the tensions in the Middle East. That is a drastic collapse of the recent rally and if it remains like this, we will have a day 15 peak and that is likely to be a L.T. daily cycle despite the burst higher. This is a back-test of the trend line, but drastic price moves like this become a little unpredictable or unreliable.
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As mentioned yesterday:
THE USD has now tagged the 50sma and found resistance there again. I said in a few of my last reports that a break and close above that would be a bullish sign, but so far we are seeing the USD struggle there. It is now actually back at the lows and it could break down, as mentioned in past reports…
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THE USD is now actually back at the lows, and it could break down, as mentioned in past reports when I used THIS chart from June 13th. It seems that this would help Gold and Silver.
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GOLD is due for a dcl and it finally broke down yesterday, so I grabbed this chart of Gold losing the 50sma. As the day went on…
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As the day went on, GOLD started to try to recover that 50sma. This is day 26 and we have seen dcl’s come in around that time, so we’ll watch for upside price action over the next few days.
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SILVER also reversed at the 20 ema on day 26. You can see that we also did that 2 days ago, so this kind of choppy price action could continue until buyers step in full force.
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GDX: I discussed this GDX reversal as a possible dcl and also discussed what we would look for to get a little more confirmation. I said
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Many of the Miners, like EXK shown here midday, also dropped and found buyers at support levels. Many Silver stocks rallied and are holding up bullishly (AG, FSM, HL, CDE, EXK, AAGFF, ASM, etc etc etc. ).
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NGD was making new highs in May so I pointed it out as a strong Gold stock playing catch up to Gold more recently. It became quite choppy, but it ran from $2.50 to $4.40 in 2025, and…
NGD is still higher than that $4.40 now as it churns sideways in a nice bullish consolidation. Yesterday it also lost and regained the 20 ema as buyers apparently stepped in with the sell off, so this is a healthy Gold stock. I really like the set ups with many Gold stocks like KGC, IAG, NGD, BTG, SA, SAND, RGLD, NEM, and so on.
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SA – not long ago I pointed out the base with SA and mentioned that it looked ready to play catch up with Gold too. It rallied from $11 to $15 last month and is chopping sideways & pulling back to support now. It could be a nice place to add or buy in this area.
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SNWGF – I wanted to point out Snowline Gold (Mark mentioned it), since it showed solid strength with a 9% gain on a down day for Gold. Obviously, this would have been difficult to own when it dropped from $6.20 to $4.75 twice in the last couple of months, but it had a solid run in January to march and may be ready to break to new all-time highs very soon.
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Again, we are seeing that the bulls in various bullish sectors remain in control. For the general markets ‘trading’ or ‘buy and hold’ since the ICL in April has given some nice gains in the bullish stocks. We are awaiting a dcl in the precious metals sector too. The gains can continue in the second daily cycles. Enjoy your Wednesday trading!
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~ALEX
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BITCOIN broke the day 59 lows and that signals a failed daily cycle. With that, I am thinking that we may see price roll around within the channel that is forming. Since we are only on day 20, that means that…
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Since we are on day 20, that means that we would have 40 days left (1 month and 1 week) to the next low. This pattern is obviously just an estimate, but it is possible that a failed daily cycle could cap the upside for the entire daily cycle.
