SEPTEMBER 22 WEEKEND REPORT
DJIA WEEKLY – The DJIA finally broke out to its all time highs.
SPX DAILY – On the daily chart, we have been looking for a dcl, so this daily cycle would top soon. Well Friday, on Options expiration, we saw a high volume reversal and this has happened before. The volume is from option expiration, but it has often peaked the daily cycle.
SPX WEEKLY – The Weekly chart looks very nice, but it is at the upper channel line too. I expect a daily cycle peak and drop, but this remains long term bullish so far. We have seen VERY MILD ICLs in the past, so I have been wondering if we will or will not get a mild ICL now. We are due for one .
WTIC – We got a new peak on day 24. We have had 50+ day daily cycles in the past, so it could still be L.T., but at this point I am not long or short. We’ll see where oil is on day 25, 26, 27, etc and that may help us to identify direction. An ICL is due, and the last dailly cycle was L.T., this should break below the red arrow.
.
LET ME SHOW YOU SOMETHING INTERESTING ABOUT GOLDS SET UP
.
GOLD – Gold still does not have a swing low in place, and is not breaking above the 10 weekly MA. Why is that interesting? It isn’t, but this is-
Notice the price action in this little box. Now look at …
PLATINUM 1 WEEK AGO ON SEPT 14 – It looked like GOLD does this week
PLATINUM WEEKLY – AND THEN IT POPPED ABOVE THE 10 WEEKLY MA. Platinum is giving us confidence in Gold.
.
Now look at Coppers Weekly Chart as of last week…
.
COPPER SEPT 14 – This looks quite similar to the bottoming action in Gold too, under the 10 weekly MA for weeks. And now look at the next chart…
COPPER – Copper really Popped this week, so Gold can do this too. We have an FOMC MTG Wednesday, and we’ll really just have to wait and see what this week brings our way. We are over due for an ICL, and Platinum, Copper, Steel and other metals are popping . Now all we really can do is wait.
SILVER WEEKLY – We are waiting for Silver to POP higher and this would be a shake out. The Miners did a shake out and have begun to lead the way higher.
GDX WEELY – I posted this earlier in the week, GDX has a swing low & a trend line break.
GDX WEEKLY AS OF FRIDAY– It looks very encouraging, even though the day to day wiggles still may have some a bit nervous.
.
So the set up has been proper for a low in the Precious Metals and Industrial Metals too. We’ve seen bottoms form in Platinum, Copper, and most likely in Gold, Silver, and GDX – but we need GOLD to confirm its lows. The daily chart of Gold is not ugly, it looks healthy, and as I’ve pointed out, the weekly chart is very similar to Platinum & Copper before they burst higher. We have a Fed Week next week, we’ll just have to wait and watch and see what happens. Platinum & Copper weekly charts are encouraging for Golds set up.
.
Enjoy your weekend, and thanks for being here at Chartfreak with me!
.
