Market Observations

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I wanted to take this time and just share a few charts that I have presented to my premium members in various premium reports last week.   Of course as time moves forward , charts can morph and change , so we keep our eyes on things as they unfold.    Currently, however, things are still playing out as expected. 

March 24  NASDAQ –  I was pointing out a wedge pattern.  They are bearish if they dont surge higher and break the pattern before reaching the apex.

NASDAQ 3-24

Click to read more of this report

 

March 26,  the IWM Wedge was still in tact.

 

IWM 3-26

 

 

I had called for a double bottom in OIL, and it occurred around March 16.  Many went short expecting “OIL is breaking down,  supplies are in surplus, and Oil will be in the low $30’s”.     I went long.   Some of the energy picks did well, others are lagging. 

$WTIC March 16

 

 

OIL  MARCH 26 – 1st Target should be  resistance near the $55 area .   

WTIC 3-26

 

 

 USD WKLY – March 20  Looked for a pause in the rise.

  So Gold should bounce, right?

USD WKLY

GOLD –  Yes,  Gold bounced and here is MARCH 25th – I expected a tag of the $1221 area  ( 50sma), then a drop as shown.   How far the drop would be was 50/50  Bullish / Bearish.  This chart shows a very bearish look.  It may not fulfill.

GOLD 3-25

 

GOLD   March 26 –  It did tag the 50sma & dropped.   It has now even dropped further.   This could just be a pause before breaking higher or the start of a break down as shown above.   I have in my premium reports what I expect and will follow it closely.

GOLD daily

 

 GDX –  (Removed)

 

 Components of GDX

  Here is NEM  March 26 , for example .   Will this break the lows of March 11 as I have drawn ?   Or Bounce ?

NEM

GG – March 26  Rejected at the 20sma , and this is the biggest component of GDX.    Reversal higher?   Break down?   Time will tell .

GG

So these are just a few of the Sectors & Charts that I have been writing about in my premium reports.  The markets have been choppy and in some areas difficult to trade, but I believe that there are some really nice trading opportunities coming our way soon. Metals and miners are currently in an interesting time period  cycle -wise.  Thanks for stopping by and checking out the charts, I hope that they at least helped you to see things a little differently  than you had in the past.

~Alex