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SPX (& THE NASDAQ) gapped up, chopped around, and closed up as it appears to be riding the breakout.
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THE SOXX actually looked strong as it gapped up, broke out, and rallied higher, closing up 2%. TSEM MU are still bullish set ups.
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THE IWM actually did the opposite and sold off at the end of the day, closing at the days lows. It did have a nice surge out of the November lows, so this may just be some consolidation, possibly back to the 20ema?
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I noticed some nice moves by FCEL, PLUG, LITM, etc. PLUG and FCEL both landed on the 200sma (green line here) and have bounced nicely over the last few days. FCEL broke the downtrend, so they have several good signs of strength, and they may be ready to run higher.
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ONDS is acting well as it reversed off of the 50sma. I grabbed it here for the report, but then it sold off into the close (Up 12% here, closed up 6%). The set up still looks very good. These moving averages are the green 10sma, blue 20ema, and red 50sma. Price is at or on all 3, therefore your stop would go under todays lows.
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RR was up 7% and was pinched at the 10 & 20ma. This could be bought with a tight stop or when it breaks above the blue 20ema. A simple run back to the highs would be a 100% gainer.
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WTIC – I’m looking at Oil as being at a half cycle low and waiting to see if it can break bullishly above the red 50sma, but so far it’s having trouble with the 20ema lately. Oil dropped 1.2% Tuesday, but the MACD divergence still looks promising.
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The last 2 peaks for the USD had negative MACD divergence, and the RSI is losing the 50% line. The USD appears to be weakening with ‘Rate Cut’ chatter and Gold and Especially Silver are pushing higher.
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GOLD dropped down on day 24, but it bounced back toward the end of the day and looks like a back test of the trendline.
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SILVER, on the other hand, dropped and then pushed higher again. 2 ways of measuring Silver would be
1. An ‘a-b = c-d’, and that short term measured move has been met.
2. A cup and handle measure is debatable. Some analysts measure the depth of the cup & add that length to the top of the cup (as shown here). That reaches about $64ish. Other analysts measure the length of the depth of the cup and add it to the bottom of the handle. I will draw that, but the cup is a bit sloppy, since the handle dropped down so much…
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SILVER Cup & Handle: Some measure from the bottom of the cup to the top (blue line), and then add that length to the handle. That target is lower, since the handle often slopes downward.
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Back to what the chart tells us about SILVER:
Silver is strong, since it sold off and then fully recovered. Several of the larger Silver stocks did this too, going from red in the morning to green and even up 2% or so. Now look at what Silver did after it broke out in late Aug/ early September. It was a bit choppy at first, but it didn’t really lose gains or go below that breakout. In fact…
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Once SILVER started to run, it didn’t really let anyone back in. Red days were ‘here and there’, but I only saw 2 in a row twice, and that was a mild dip. Green days were often a few in a row. See the chart. Will that happen again? It could if we go parabolic, so you want to be in Silver stocks in my opinion. We have 7 up days here, so we may see a pullback into a dcl soon, but it could be mild & sideways too.
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SILJ – Silver stocks bottomed later than Silver in November, so they’re on day 17, but I think they’ll follow Silver.
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GDX – The Miners dropped and then buyers stepped in and bought them back.
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HL broke to new highs last week and then it started to sell off on Tuesday. I thought that we were going to see a back test, but it ended up closing at new highs. If it does back test at the blue 20 ema, that would likely be a good place to buy or add.
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AG sold off and then started to come back with buying too. It may chop around if Silver pulls back, but if it forms a handle, then AG may offer another entry a little lower than price now.
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ISVLF – I had mentioned this breakout and mentioned that a back test may offer a buy, but…
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ISVLF did a pop and drop the following day and yesterday it opened, sold off, and then rallied to the highs again, so you can see the buyers taking control so far.
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CDE reversed at the 50sma and I mentioned that it could be a buy as it chops sideways or after it breaks out…
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CDE sold off to the 10sma and bounced. That filled Fridays gap open.
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EXK sold off with an ‘offering’ and I saw it down 8% at one point, but I noticed that buyers were stepping in, so I posted the bounce at midday when it was down 6%…
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EXK – Wow, that was a nice perfect gap fill as it closed down only 1.7%. It CAN still work its way lower, but I was impressed that it only closed down 1.7 % after an offering.
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So it is possible for pullbacks & dips to show up, but you can see that the bulls are starting to take control again in both the General Markets and Precious Metals. Bitcoin is below, and you definitely want to read what happened there yesterday, especially with Crypto stocks. Enjoy your Wednesday trading!
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~ALEX
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YESTERDAY I SAID IN PART:
BITCOIN struggled at the 20 ema again. It gave us a large drop on Sunday night into Monday, and is trying to bounce now, and I do think that the peak for Bitcoin must be in place. I’m watching to see if Bitcoin can get above the 20 ema here first, and then I’ll be watching the 50sma.
BITCOIN started to rally, so I posted this in the morning. I was seeing Bitcoin rally, but Crypto stocks were not following. I posted HUT as an example…
HUT was looking ugly as Bitcoin rallied. Well, HUT closed down 13%, WULF was down 7%, CIFR down 10%, and IREN was down 15%…with Bitcoin rallying??
BITCOIN continued to push higher overnight, and it is now above the 20ema, so we’ll just have to wait and see how those crypto stocks react today.
IREN was down 15% with Bitcoin rallying? And look at that volume as it closed near the lows. Iren double topped with divergence and bounced to the 50sma and 20ema, but is had no strength yesterday. These are now looking very weak. They may bounce, but this is a clear warning.
Tuesday December 2nd 
Thursday December 4th – Heating Up?
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