Wednesday July 2
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SPX – The first daily cycle peaked on day 30 and we are currently on day 24, with a day 23 peak. This can go higher, and we have also seen 1 day drops in the last run.
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NASDAQ – The Nasdaq dropped and started to bounce back, giving us a doji candle. I’m simply pointing out the 10 sma here, since price may or may not dip down to it when it gets extended. This is not extremely extended, but with cycle timing being on the later side, we could dip lower.
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THE USD failed and can chop lower. Actually, I would expect it to chop lower.
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GOLD dropped on Monday to the lower downtrend line and reversed quickly. This looks like day 2 of a 2nd daily cycle, but Gold stopped at the next (upper)downtrend line. I have to expect Gold to be a little choppy with this set up.
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SILVER – Speaking of choppy, Silver was strong from mid-May to Mid-June, but it has been chopping sideways lately along the 20 ema, as a dcl comes due. We might have that dcl at day 26, and if so this would be day 5.
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GDX has a day 21 peak, so it is R.T. GDX landed on the 50sma and held up, so that might be the dcl, but unfortunately, we got a Pop & Drop on Tuesday and that makes this look weak, but it isn’t.
Look at my blue arrow. That was a pop and drop reversal to new 8 day lows, and then it rallied for 3 days, so…I’ll be looking for follow through higher on Wednesday.
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We only have today and until Thursday at 1 p.m. ET for trading in the U.S. and then the markets are closed for a long weekend, so enjoy your day of trading!
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~ALEX
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BITCOIN dropped on Monday and Tuesday, but Crypto stocks look more and more bullish. I’m starting to wonder if this is similar to the times when Gold stocks act bullishly as Gold drops. The Gold / Miners ratio changes when The Miners lead Gold before a move higher. S0 I want to show you just a couple of Crypto stocks, but first…
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S0 I want to show you just a couple of Crypto stocks, but first…
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BITCOIN – If Crypto-Miners are leading, does this indicate that Bitcoin just did a shake out and this pull back may reverse early and break out? That is possible, because now this chop has allowed time for the MACD to stabilize and turn higher. As Bitcoin sold off on Monday and Tuesday, let’s look at a couple of Crypto stocks…
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First off, just take a look at the volume for IREN.
This rocket ship blasted off while Bitcoin was chopping and even dropping lower. Buyers piled in and IREN has moved higher for 9 straight days. Next…
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I noticed the surge in Volume for CIFR as it broke the 200sma too. Again, Bitcoin sold off on Monday and Tuesday, but this is gaining buying attention, so I would think that CIFR could run higher like IREN.
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I actually saw the volume spike in HIVE this on Monday and Tuesday, but Price wasn’t conforming it, so I ignored it. Yesterday it suddenly took off and closed up over 15%. This may be ready to just run higher too…
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The volume spikes for WULF are a bit more subtle, but I do see a couple of recent volume spikes on the upside. With that it is worth noting that…
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WULF is under the 200sma, and CIFR and IREN are above it. We may see even more buyers step in if or when it breaks out, so you can
1. Start a small starter position and add when it breaks out over the 200sma, or
2. Wait for that breakout and see if buyers are stepping on the gas (Volume). I think that WULF may run soon.
