Wednesday February 25th – Hope?
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SPX – Yesterday I mentioned that we just cannot continue to make lower lows and extend the first daily cycle. On Tuesday the markets ran higher, so we still have our day 56 low and hope continues that this 2nd daily cycle will find follow through buying, run to new highs, and stop the chop!
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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.
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I saw some stocks breaking higher that looked better than just ‘Chopping up and down’. Clean energy stocks like FCEL, SLI, LAC, and others seemed set up to move higher and not just chop sideways. SGML lithium didn’t POP yesterday with LAC and SLI, but it ran well in the past, from $5 to $15 in November (!), so keep your eyes on that one too.
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LAC popped 10%
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I pointed out TGB, WRN, COPX, FCX as copper sector that looked ready to move higher again too. They popped yesterday.
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WRN also popped after consolidating gains over to the 50 sma, again.
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UAMY, AREC, CRML, USAR, etc started to pop too. UAMY closed up 8%.
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Many sectors started to pop, but in these choppy markets we have seen many Pop & Drop days. We’ll see if we can finally get some upside follow through, because if we do it could lead to a little trend change higher, and that makes ‘buy and hold’ a little easier and a lot more fun.
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Both Oil and The USD remained the same yesterday – no big changes.
Oil stocks like BORR, VET, VLO, NOG, WTI, etc continue to chop higher since becoming a ‘buy weeks ago.
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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.
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SILVER 6 am – Silver bottomed after Gold, so it is on day 13 today and so far that is the peak for Silver.
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GDX followed Gold more than Silver and it is on day 15 yesterday and that is the peak so far too, so these are all now leaning toward becoming a R.T. Daily cycle.
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Just a reminder:
Yesterday I mentioned that we could see Miners (GDX) chop and put in a handle on a cup, similar to what we have seen in the past.
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The markets have been extremely choppy, but it is true that some stocks look ready to move higher, so are the General Markets ready too? Well, I don’t see any scheduled data for today, so that gives us a good chance that we can continue yesterdays move and hopefully we can see an uptrend begin for our second daily cycle. Lithium, Copper, Gold, & Silver miners look good, Uranium stocks perked up, and Crypto stocks also started to move higher. Let’s see what our Wednesday markets bring our way. Enjoy your Wednesday trading!
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~ALEX
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BITCOIN is starting to turn higher again, but it has been choppy and weak lately. Several Crypto Miners did well yesterday, with CIFR up 12% after earnings, WULF up to new all-time highs, and a few others up 8-10%. As I have been saying, I consider the crypto stocks promising but risky too. If Bitcoin could at least start trending higher a bit more, those stocks can tack on some good gains.
