Friday September 5th

 

SPX – The general markets remain bullish and that was a nice follow though day out of the recent drop.  You could call this last drop a half cycle dip on day21, but it has been so choppy that…

 

SPX – It has been so choppy that we may have a 1/4 dip, 1/2 dip, and maybe we’ll see a 3/4 dip, followed by a dcl? I don’t know for sure, but it seems that the lead up into that Fed Mtg is causing choppiness.  We have 10 trading days until the Fed, right? This also could run straight up into day 30 and then dip into the Fed mtg, dcl, and continue on higher if we get a rate cut.  We just need to wait and see.

 

AMZN popped out of a triangle, and that is a bullish set up.

 

 

IONQ is dancing around the 50sma. After a long consolidation, this could put in a run if the markets stay bullish.

 

I saw NFLX push above the 50sma, so I posted this at 10:45 am. It closed at $1257 (I think that it needs a split to attract smaller buyers)  🙂  This is a nice set up though.

 

 

RGTI is riding up the 50sma.  This is a VERY choppy stock, but it is a bullish set up for ‘Buy & Hold’.

 

I have mentioned SOUN a couple of times near the 50sma. I bought it on that drop and even though I only made 4%, it helped against my Crypto drops. This may chop, this may run, because  that large POP and run was an earnings reaction.

 

Take a look at the Homebuilders:

See TOL (below) MTH, HOV, BZH, KBH, etc. They are all running higher, possibly predicting a housing success story with that rumor of an interest rate drop coming. These are trending higher.

 

 

USD is choppy and sloppy along the 50sma.

 

From yesterdays report:

GOLD– Gold started to run higher after the Fed Jackson Hole Speech about a likely rate cut. We could drop into the Fed Mtg and then rally from there, since that Fed Day is 10 trading days away. THAT would be day 34.

 

 

GOLD: So on Thursday, day 25, we saw a doji candle or a pause.   We may start to stall and pullback, but remember that ‘surprises come to the upside’ in Bull markets. This is day 25 of possibly 30+ days. 

 

This was from Thursdays report too:

SILVER – The Fed Mtg is 10 days away, so this could chop around and slowly dip lower into day 33 for a dcl. Again, if we get this chop lower, it would be a buying opportunity.

 

 

SILVER dropped from that ‘toppy’ looking area. Can we get another run higher before the Fed?  We could since Bull Markets get ‘Surprises to the upside’, but we had toppy looking candles on Wednesday and as mentioned, we did start to dip lower, so this also MIGHT continue lower from here too. This is day 24 of maybe 30 plus.

 

FROM THURSDAYS REPORT:

GDX also shows a strong rally higher that is getting overbought & possibly has toppy candles. Again, Bull markets surprise to the upside, so I certainly wouldn’t short it, but a pullback would be normal.

 

 

And the GDX dropped on Thursday from that toppy candle pattern too.

That doesn’t mean that this now drops day after day after day. It can drop for 2 days, bounce, drop for 2 days, bounce, etc. At day 25, we may have the peak and will drift lower over time.  We’ll see.

 

Today is Friday, the last trading day of the week and the markets remain bullish. Enjoy your Friday trading and your weekend!

 

~ALEX

 

BITCOIN looks to be on day 4 and is trying to push above that 20 ema. So far, the Cryptostocks ran higher as bitcoin sold off and they haven’t really pushed higher as Bitcoin turns up. We’ll see if that changes over time.