December 11th – Post Fed
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SPX – This is a new all-time high that developed after the Fed Decision. This Continues to be a bullish set up and it is only day 12
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THE IWM and THE SOXX both made new all-time highs. Day 13 for the IWM.
Just before 10 a.m. I saw AAOI (It was in yesterdays report) go RED TO GREEN as Follow through.
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AAOI closed up 15%. This chart looks very Bullish.
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RKLB was in the recent reports too. It was breaking above the 50sma when this was captured…
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RKLB closed up 7.65% and closed above the downtrend and 50sma.
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THE USD dropped with the rate cut, as expected. So at this point, it has been rejected at the 200sma & 50sma.
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GOLD started to push higher, but it was an average move-nothing spectacular (at this point).
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GOLD could start a trending move out of that triangle. If you haven’t bought yet (the dcl was the buy), or you sold for the Fed Mtg–You could buy with a stop in this area.
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SILVER has already launched and found some follow through. If it pulls back after the Fed Mtg, I’d assume that it is a back-test of the yellow line, and it would also be a BUY near $58-$60. It if keeps running, that would be the example of Silvers upward potential & continued strength. It can really run when it runs.
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THE GDX ETF and many of the miners actually look like a cup and handle has formed. They closed higher after the Fed Mtg Wednesday.
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USAS went from red to green by 10 am yesterday, so I grabbed this chart. I like this chart with price back up at the highs.
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Midday I wrote this about EXK as a ‘buy’:
Red to Green and it has reversed in a support area.
A nice pullback after a nice run higher.
Hard to buy on a Fed Day, but it is at support
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AG (and several other Silver stocks) made a strong run to form the right side of that cup and then meandered sideways as we approached the Fed Mtg. It closed up yesterday, closing in on the recent highs.
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After the dust settled, I like what I see so far. The charts remain bullish and even though the rate cut was expected, it seems to have been accepted. Many charts closed near their highs. It looks to me like the lows are in place for the General Markets and Precious Metals. We’ll see if Thursday gives us more follow through or a dip that gently offers lower prices. Enjoy your Thursday trading!
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~ALEX
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BITCOIN does not look so great, does it? It dropped after the rate cut and it also dropped right at a resistance area. This is day 20 out of the low, so it can still work its way higher, but I have been warning that we need to be cautious, because the 4th year of a 4 year cycle is upon us.
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BITCOIN – On December 7th I drew this chart up as a reminder of what the 4th year can look like. So far, we continue to see weakness.
