Wednesday March 27th – The Bull Runs
DATA – There is no data to be released today, but tomorrow is an active morning. The markets have been slowly drifting lower each day, so if that continues today, I would say that tomorrows Jobless Claims Report will send it higher.
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I want to apologize in advance if this ends up being a more succinct ‘shorter report’ than normal. I seemed to have caught a head cold and went to bed very early last night, when I usually gather most of my charts. I’m up at 4 am to gather charts and write a short report, and then I’m going back to bed for a while. I’ll do more if I feel better as time goes on, but my head is stuffed up and foggy. I will still cover each sector, but with our recent pullback, I wanted to look for stocks that may be pulling back to support too. I wanted to cover Crypto and MJ action lately too. I will try to do that in tomorrow report, before Jobless Claims. Take a look at AMZN, NVDA, etc. at their 20ema. That is what I’m looking for.
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SOXX at the 20 ema – So on day 5 of a 3rd daily cycle, we see that we gapped open the day after the Fed Mtg, but since then we have only drifted lower. I think we’re getting a lackluster gap fill and that is why I said that possibly tomorrow we continue higher with the Jobless Claims report.
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THE SPX is slowly drifting lower, but its only at the 10sma. The gap is filled so one more day down or a dip & reversal today would be perfect as a place to go long. If anyone bought TQQQ or SOXL or even QQQ or SPY at the dcl, this is the kind of price action that will have you bored to tears lately. Hopefully that changes with the Jobless Claims.
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WTIC – Oil is doing what Oil does. It is bullish, but it is slowly chopping higher.
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THE USD is on day 12. It has been a bit choppy too, and that has made Golds path a bit choppy too.
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GOLD does not seem to be selling off as much as we saw the USD rising. Gold is holding up well, but with that, we still can’t tell if the dcl is in place or ahead. I do NOT expect a deep sell off, since we are already on day 30 (or day 5).
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SILVER has been dropping and that was what I needed to see, since I mentioned that I did NOT clearly see a dcl around that day 25 surge. So with Golds Pennant, we looked to have a breakout and day 25 dcl. Silver clearly did not. It looks to be that Silver is seeking out the dcl right now. The pink line is the 20 ema.
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GDX – The Miners have been holding up well for the timing of a dcl too. This is a day 26 ‘peak’, so it is very right translated and set up to move to new recent highs once that dcl is in place.
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This is Boring price action day after day, but it sure beats a steep sell off if you are holding a basket of miners. This also builds confidence that we could buy a miner at support right now and it may not dip very much at all before running higher. Along with that, take a look at this…
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Along with that, take a look at this.
My favorite Miners like EGO, HMY, GFI, IAG, etc. etc. are NOT in a deep sell off right now, as we look for a dcl. Many are hanging around at the highs, so this is a very mild sell off at the timing for a dcl.
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HMY and the others that I mentioned have given GREAT gains to those that bought and held a basket from the Oct ICL . HMY was $3 to $8, for example, and $5.50 to $8 from the recent February ICL.
Despite any short-term chop or pull backs, the Bulls remain firmly in charge. Enjoy your Wednesday trading! 🙂
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~ALEX
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MJ ETF – I pointed out the progress in the MJ Base recently and then on this March 18th chart we discussed the set ups in SNDL, OGI, TLRY, ACB. CGC, VFF, etc etc . They were ‘jumpy’ at the time, but the set ups looked good (especially OGI, which was already trending higher back then).
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That MJ Sector and the stocks mentioned in past reports has been ON FIRE. On some of these stocks the down days can really rob you of your joy, but the up days have been 10-30% or more. Not an easy sector, but it has been bullish and has paid off well since being mentioned almost 2 weeks ago. CGC, ACB, TLRY, VFF, SNDL , etc have had Amazing moves, but jumping in while they are extended may lead to a good 10-15% drop. Congrats if you bought when they were first mentioned here, and we will be looking to buy the dips later too.
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SNDL as an example, was a lagger with a nice base. It started to rise up over the red 50sma last week. They released earnings 3 days ago and it popped 21%, paused, and then popped another 14% yesterday. These are BIG Moves.
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BITCOIN is bullish and it could just continue higher from this ‘pause’, or it may dip to the 20 ema that is shown in blue. Either way, this is a bullish set up and the good news is that most of the Crypto Stocks look ready to keep up the pace with Bitcoin when it runs higher. So far, So good.
I have mentioned in past reports that CLSK, CIFR, MSTR, and a few other ‘crypto-related’ stocks are still at the highs. I also gave you the Crypto ETFS, in case we do pull back.
