Morning Review
Lets review a couple of ideas that we discussed in the weekend report in our premium section.
$USD - legitimate break out. This could have major implications for Gold, Commodities, and the markets.
Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
Is A Golden Bounce Coming?
As mentioned in the weekend report, Gold & Silver have been selling off at a very rapid rate, and I think that they should be due for at least a bounce. I want to take a look at that idea in this report, but first a review of the markets.
The markets don't look bearish, but this possible rising wedge formed by Nov 4.
SPX currently- This does not have to drop too far, it could even go sideways.
Interesting Mixture
From the time of the Fed Meeting to the Jobs report Friday, we have had a lot of action in the markets. Action in the markets is what draws our charts, and we have an interesting mixture of charts to examine this weekend, so lets get to the 36 charts that I have prepared 🙂
Lets start with the $USD WKLY. Nov 4 this looked too legit to quit, but we had to wait for Friday to see if out Dollar break out was real.
$USD - legitimate break out. This could have major implications.
Lets look at the Dollar on a daily basis...
It’s Working
Jobs Report, Flying Dollar, Diving Gold. Please dont forget Energy 🙂
Free Falling
Count the Green days vs the Red days in Gold for the past 2 weeks, and you could say that it has been in free fall for a bit. We'll discuss that after a market review.
The SPX has been moving rapidly higher and recovering from the August - September sell off quickly. Since the former highs could offer resistance, we may see a drop with the jobs report .
Now I want to show you a chart of the SPX that really looks like a drop could come soon.
Energy Bull?
I want to discus a few things in todays report, and then I will have a small ton of charts & Set ups in Energy and Commodities. I will start with the markets and their nice run higher lately. I did mention that the IWM, TRAN, and the IBB looked to be lagging a bit. IWM had a bullish set up and popped higher, but it hit another short term resistance area. I wanted to see a pop higher if it is going to possibly play catch up.
This was the IWM at that point on Oct 30. I expected a break higher.
IWM Nov 3 - We got he break higher ( Note: We may back test that break soon).
Lets look at the NASDAQ before we discuss Energy, The CRB, & The Precious Metals...
Action And Reaction
It was a Fed Week and the Action (or lack thereof ) and reaction were somewhat expected. Lets look at our week in review.
Thursday I mentioned that I found it surprising that the USD & CRB were both moving together Post Fed. Was one faking it's move?
Now lets take a closer look...
Riding The Dips
As expected, the Fed Mtg on Wednesday certainly gave us some dips to work with. We saw both strength and weakness as a result.
SPY - This was a tough dip to ride 'real time', but the markets closed back at the highs.
Hang On Kids- Its Fed Wednesday!
What can I say here when we all know that charts could be quite different after the Fed Mtg on Wednesday? Lets just review some expectations.
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The SPX, Dow Jones and NASDAQ have recovered nicely from the summer sell off, but a few areas have yet to catch up (If they are going to). I showed this rather bullish looking set up yesterday, but...
