Thursday May 1

Well, I had my first and only ambulance drive to the hospital yesterday, when my fever hit 103.1 and I passed out in front of my wife. She called 911 and they ran tests and highly recommended that I go with them, so I spent all day into the night at the hospital. So this will be another short report, I’m just trying to cover a few important sectors and then I’ll go back to bed.

.

SPX – It looks like the markets gapped down (probably due to the GDP report), sold off a little more to the 20ema, and then bounced back. This may be the crawl before a breakout higher.

.

WTIC – This weakness isn’t a surprise. A dcl was put in place and then a decent bounce followed, but it couldn’t get above the 20 ema. After tagging that 20 ema a few times, it rolled over and Oil is back under $60.

 

.

GOLD – As of yesterday Gold was still looking like it might put in a half cycle dip and then bounce to new highs of a double top, but…

 

.

GOLD LIVE – Overnight Gold sold off below the 20 ema and is now at the 34 sma.

.

GOLD – And we look back at the weekly chart from this past weekend report where the candle looked like a top. It may just be a temporary top for now, but that is quite the spike on the top of that candle.

.

GDX held up yesterday, but with Gold & Silver both down this morning Miners will likely follow.

.

There were some good comments yesterday that I was able to review this morning, and thanks for the well-wishes. I may have to spend another day in bed until I get over the worst of this, but I did like what I saw with the general markets and also Bitcoin. I’ll discuss that below. Enjoy your Thursday trading.

.

~ALEX

.

This is a live shot of BITCOIN, and it is moving higher above that small consolidation. It is right at resistance, but it has that consolidation that can give it energy to break through. The Cryptostocks have actually been trying to move with Bitcoin, so we’ll see what they do today. There are some nice set ups in that sector.

.

MARA – When you look at Bitcoin above, you can see that it has ramped up swiftly out of the low, but the crypto stocks seem to be meandering higher. I want to see if that changes as Bitcoin moves higher.