.
SPX – We did get a little follow through on the buying and that would make this day 6. It would be nice to see this choppiness turn into a run to new all-time highs to clarify that we have a dcl on day 56. If that day 56 low is broken soon, it has to be viewed as a choppy failed daily cycle.
.
FROM YESTERDAY:
THE NASDAQ could be breaking out above what is usually a ‘bullish descending wedge’ that I have been watching. We just need follow through higher.
THE NASDAQ did give us a little follow-through as it continued higher too. It needs to get back above the 50sma to start to look even healthier.
.
The IWM looks bullish as it forms a triangle and recovered the 50sma. You can see that we still have mixed markets when it comes to strength, with the IWM looking much more bullish than the Nasdaq so far. And then comes that SOX chart…
.
THE SOX certainly looks bullish because it broke to new highs on Wednesday. We obviously have mixed markets when it comes to strength and the SOX and IWM look much better than the Nasdaq.
.
Similar to yesterdays report, I wanted to point out some of the stocks that are taking on a bullish look again. If the choppiness is finally going to go away, these could run higher.
.
LAES has a long consolidation and is trying to break through resistance.
.
NXT is an Energy stock that is choppy, but it looks bullishly choppy, as though it is forming a cup with a high handle. That was a nice run August to November, with a dip to the 50sma when we had the November ICL sell off, so it should be able to run again when it’s ready.
.
YESTERDAYS REPORT:
I pointed out TGB, WRN, COPX, FCX as copper sector that looked ready to move higher again too. They popped yesterday.
.
SCCO – Copper stocks were mentioned here recently, and SCCO is another that is at new highs as of yesterday. I like TGB, WRN, FCX, COPX, SCCO, (& COPJ is Sprott). All of those charts are VERY Similar.
.
ERO – I have not mentioned this one, but I do like it. Sidenote: They do have earnings next week.
.
YESTERDAYS REPORT
UAMY, AREC, CRML, USAR, etc started to pop too. UAMY closed up 8%.
.
UAMY – RARE EARTHS are shaping up and this one continued higher.
.
WWR is perking up and regained the 200sma and the 20 ema.
.
WTIC – Oil is still consolidating above the triangle. The only problem that I see is that
1. I know that a dcl can form inside of a triangle, but
2. Price actually broke higher before the ‘triangle’ could complete. It didn’t form the apex.
3. So Does that mean that with this could drop back inside to the green 200sma as a dcl back test? Maybe. If so…
.
If so, price could drop to the 200sma and the red 50sma to form a channel and a dcl.
.
THE USD struggles under the 50sma.
.
YESTERDAY:
GOLD 6 am – This morning I am seeing Gold slightly green, but notice that we have a peak on day 15 so far, and it could continue higher, so we are leaning toward this becoming a R.T. daily cycle.
GOLD had no big change from yesterday.
.
SILVER has a day 13 peak so far and Silver stocks have been more bullish than Silver itself, since some are back at the highs.
.
THE GDX ETF is also back at the highs, so the Miners are finding buyers as the Metals consolidate recent gains.
.
We are hoping for more follow through over time, these are the possible market movers today.
One is pre-market, and then from 10 am ET onward.
Enjoy your Thursday trading!
.
~ALEX
.
BITCOIN – Today is day 19 and we finally saw another Pop in price for Bitcoin yesterday. We were expecting this kind of price action since it is similar to what we saw following the November low. Crypto stocks did Pop with Bitcoin.
Wednesday February 25th – Hope? 
Friday February 27th
Scroll to top
