Tuesday April 9th – Surprises to the Upside

Todays data is minimal, but Tomorrows data includes the CPI numbers (inflation) and FOMC Minutes release, so THAT could be a market mover tomorrow. Let’s see what we have in the charts today.

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SOXX – The dcl for the SOXX shows up clearly as being 14 days ago, and the 10sma curled lower with that drop too. Unless that low is broken, we do not have a failed daily cycle or a guaranteed ‘peak’ in place yet. What we do have is a 3rd daily cycle that is choppy and sideways, so it really does look like the peak is most likely in place at this point.

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Normally I would see this as a possible DCL forming in the SPX, but I am going to continue to use the same low that I see for the SOXX, DOW, and NASDAQ for the SPX. Tomorrows data could push this either way.

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WTIC – I felt that Oil may tag $90 before it starts to roll over into a dcl (often forming a dcl around day 50). The moves higher each day were small, so it may not get there and it is possible that this 2nd daily cycle is going to peak here. It’s really not a ‘sell signal’, because the drop should not be too deep.  It may even just chop & drop sideways and just tag the 20ema as it climbs higher.

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The USD p0ppped higher and sold off during the day yesterday. When it was up, Gold was down, but as it sold down, Gold was able to rise up.

 

GOLD, SILVER, and The USD live at 5:44 a.m. ET – Surprises to the upside continue in this Bull Market.

 

GOLD -The first target as ‘a measured move for Gold’ was reached yesterday, but as we have seen in Bull Markets and as pointed out on the chart, these can extend using fib extensions.

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GOLD is up $26 on Tuesday morning. This is day 13 if you use the pennant break out. You can also use the absolute low of the pennant, but it is still only day 15 if you do that. This has been VERY strong, but it can run higher. We saw that with Bitcoin.

SILVER is running strong and you can see that it sold off twice and yet closed higher each time.

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GDX popped and dropped, but it is still at the highs.  We saw a similar red candle last week, but price continued higher. Individual Miners were mixed, with some slightly red and others still green.

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USAS – I pointed out USAS as a lagger yesterday in the commenting section, but it is also a penny stock so they may have added risk, since they could do an offering or release bad news, etc.  I like this set up because it looks very similar to AG when I posted that Miner in a wedge like this, and it broke out and was up 32% last week.

 

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The General Markets are chopping sideways so far in the 3rd daily cycle. The release of some good news could cause a final rally before it peaks and rolls over, because it is in a bull market and the surprises do often come to the upside, but I honestly think that it may have peaked and could remain choppy. Tomorrows data includes the CPI numbers and FOMC Minutes release, so THAT is a market mover. Oil is on day 44 today, so Oil could start to drop lower into a dcl too. Gold is up $26 as I write, and it is possibly halfway through the 2nd daily cycle. We are in a bull run, so even though we might see Gold as ‘extended’, it can continue to make new all-time highs, even if it gets choppy. There is minimal resistance and like we saw with Bitcoin, buyers outweigh the sellers. Enjoy your Tuesday trading!

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~ALEX

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BITCOIN started to breakout yesterday, but it was very disappointing to see the Crypto-related stocks like MARA, WULF, CLSK, RIOT, HUT, etc . basically Pop and drop and never recover. At this point I am just keeping an eye on it, but the Bitcoin or Crypto ETFs could benefit if this decides to run to $100,000 from here. I will post those below again.

 

This was the list of CRYPTO ETFs that I had in past reports. These have done well as they track Bitcoins run. BITX is 2x, so be aware of that.