Friday May 17th – Still Looking Good
SPX – We have a ‘pause’ at day 19, so there is a chance that we will dip lower and back test the breakout and 10sma or the 20 ema. It would be a buying opportunity on a reversal of that selling, if the selling gets a little more downside.
WTIC – The distance from the Feb DCL and the April drop to the 50sma was perfect timewise. Oil is at a multi-resistance points and may have a hard time rising up from here. It is also in a downtrend now.
THE USD has been breaking down and it sliced through the 50sma. It is trying to bounce back, but it does have overhead resistance.
GOLD
1. Gold is forming a bullish cup and we saw a small dip or doji on Thursday day 9, but I still expect higher price from here.
2. I am, on this chart, pointing out another cup that formed in November, and I’ll show you day 9 then and now. That cup didn’t peak until after it broke out. It peaked on day 14.
3. NOTE: In my opinion, it is not good to expect the same exact thing to happen now, so I am merely showing that we can, yes we might, we could… continue higher based on that cup and burst to new highs peaking on day 14 in November.
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SILVER (NOT GOLD) – Silver is near the recent highs and is on day 11.
The GDX is working its way up the right-hand side of a cup or consolidation too, and also looks ready to break out.
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AAGFF was starting to form a cup, so I posted this in the commenting section yesterday.
The sector was a little Mixed yesterday, but some were starting to go from red to green early, so I posted this before 10:30 as one of the smaller ones that was rising up to form the right side of a cup.
AAGFF was up 11% by the final hour and it closed up 13%, so the smaller explorers have been seeing some love recently.
DOLLF was also starting to move and it has a cup-like shape, so it looks like this one also may be ready to push higher. This one pushed a bit higher (up 2%) and closed near the highs.
I also posted that MAG, EXK, HL, and a few other silver stocks were turning green while Silver was red. I like the way this sector is acting, as it continues to show bullish surprise to the upside.
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And I thought that you really needed to see this:
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DNCVF broke out and shot up 18% on Monday, red Tuesday, shot up 44% on Wednesday, and was down 10% on Thursday. It was actually down a lot more, and I was posting this to show that it looked normal to me—just a pause in a very strong move. Well…
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DNCVF : By the end of yesterday it recovered and tacked on another 14%, so these can really move when the buyers flood in, and you can see how the volume is increasing in a big way lately. 7 cents to 37 cents since March is a BIG Move.
Today we have the 10 a.m. release of the ‘U.S. Leading Economic Indicators’. That is significant, but it is expected to be just fine and the chart set ups are also remaining bullish in the General Markets, Precious metals, and Bitcoin. I will discuss bitcoin below, enjoy your Friday trading & have a great weekend everyone! 🙂
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~ALEX
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YESTERDAY I EXPRESSED THE IMPORTANCE OF BITCOINS BREAK OUT: I also discussed a few Crypto stocks like MARA, CLSK, and IREN. I said …
BITCOIN – By the close we see that Bitcoin not only broke above the downtrend and 34 & 50 sma, but it kept pushing higher and now has a higher high with strong volume.
This looks very bullish and I am often a contrarian. Bad news is often emotional and wrong and shows me that sentiment that was once overly bullish & frothy is now dying down. News reports of Bitcoins halving being damaging to it are starting to pop up, so that tells me that sentiment has died down and some have become bearish.
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BITCOIN live 6:30 a.m. ET.
This is a live shot of Bitcoin Friday morning and you can see that a small flag has formed. These are usually bullish flags and I expect higher prices. The Crypto stocks have been discussed in recent reports. You can see yesterdays reports for the earnings reports on MARA and CLSK too, and as for IREN,,,
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As for IREN, they released earnings and I saw it plunge in after hrs, but when I read the report I didn’t understand that drop. I discussed it yesterday with this…
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IREN released their earnings after the market yesterday. I was waiting for this and to be honest, I thought that it was a good report. It sold off hard in after hrs from $5.25 to $4.44. They then had an earnings call, and it started to climb back up. That sell off may be a false reaction, so let’s look at the daily…
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