June 11th Wednesday

We have Wed, Thurs, Fri, & then Mon, Tues, (& Wed Fed Day)…and that is 5 or 6 more days of trading, depending on whether or not you count next Wednesday. NOW IS THE TIME to look at the current price movement and start to anticipate where we would be in the cycle count when you add 5 or 6 days to the current count. P.S. Gold   could be within the timing for a low.

 

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THE SPX continues to push higher, slowly as it runs through a resistance zone. This is only day 11 out of the dcl.

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WTIC – Oil broke form a dcl and pushed above the 50 sma. It popped and suddenly turned red on Tuesday, so is this going to drop and back test the 50sma? It could drop further because…

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WTIC – Oil appears to have reversed because it reached that resistance of the breakdown of prior lows. It is also at the downtrend line. This was pointed out as a resistance area and that is what we are seeing now.

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THE USD continues to churn sideways, but the setup is a bullish wedge. The USD should eventually push higher from that wedge.

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GOLD broke the downtrend and has only had the strength to crawl along that trendline. This is day 17 on Stockcharts  and day 19 on Spot Gold. The Fed Mtg is next Wednesday, 6 days of trading away, so for Spot Gold, that would be day 25 by the Fed day Wednesday.

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SILVER is on day 17 and it has been strong. So far it has paused by forming flags and pennants and then continued higher, but the Fed Mtg is next Wednesday. As that time approaches, that could cause Silver to chop sideways or dip lower into a dcl.

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GDX – So next Wednesday is day 24 for the GDX ETF. The last 2 daily cycles were only 26 days long, so the GDX should be roughly ready for a dcl next week after the Fed Mtg.

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GDX – So we may jump up and make a new high, but even if we just chop sideways and do NOT make a new high from here, day 15 is R.T. as long as the dcl is 30 days or less.

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We still have many bullish looking trades and that should continue on into next week, when we then have the next fomc meeting. Enjoy your Wednesday trading!

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~ALEX

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BITCOIN live 7 a.m – You can see that bitcoin fell yesterday but it was able to recover almost all of that dip. The crypto stocks were also down, and then they came back by the close too. Today bitcoin is selling down again so far, but it has been strong with that breakout above the 20 ema and the downward sloping channel.

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RIOT is an example of a crypto stock that sold off and recovered on Monday and again on Tuesday, so it is still climbing higher as Bitcoin sells down slightly. The volume has been strong.