Thursday September 19 – Post Fed Action

SPX – This was in yesterdays report as day 30.  Notice that The SPX had more room upside as shown, and  the Fed Day drop & reversal Wednesday is now day 31…

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SPX – Here you see the intraday Fed DROP & RECOVERY after the 2 p.m decision…

 

SPX – So we have upside room and this reversal will likely run to that resistance area shown on the first chart in this report.

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WTIC  – Oil dropped after the Oil inventory report, but volume was light and it is dropping toward possible support, so I think that the drop may stop & reverse soon…

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XOP  – XOP, OIH, XLE dropped toward the 50 sma & 10sma and volume has lightened up here too. That is usually a normal correction and price should stabilize & them move higher.  This sector is a good one to watch for strong gains.  Reversals on the 10 sma could be bought with a stop.

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USD – The USD raced higher and found support at the 50 sma.

 

GOLD Intraday – With that Fed Decision,  GOLD sold off quickly, but also started to climb its way back after the Chairman Powell stopped speaking.

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GOLD  – On the daily we had a drop to the 50 sma and a reversal at support.  This is where GOLD could be bought & the 50 sma could be loosely used as a stop. It could look like a bear flag, but we are getting late in the daily cycle, so a drop may not come from this area.

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GDX Intraday  – The Miners sold off with the Fed Decision too, as seen  here on this intraday chart.  After Powell was finished speaking, GDX started to make a come back too. If it follows through higher Thursday, it could recover that yellow line…

 

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GDX Daily– So now we have a reversal candle on the GDX, and the lows from Friday were not broken.  This may be day 3 of a new daily cycle.   The sell off at the FED Mtg would be a false break down & GDX would run higher out of that DCL.

1. Buy with a stop under the Friday lows or

2. Buy a break higher above the 10 & 50 sma

 

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So we had our normal volatility after the Fed Decision, and we saw sell offs that reversed. Thursday will help us to see if we now get follow through on those reversals, and also whether GDX can get above that 10 & 50sma.  I have discussed stocks like DRD, HMY, GOLD, NEM, CDE, etc in recent reports, so now let’s see what happens on the Thursday, Post Fed Day trading.  😉

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Enjoy your Thursday trading!

 

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~ALEX

 

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