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This week we saw some acceleration in some areas and some choppiness in other areas of the markets, so I think that this Big Picture Weekend Report can help to clarify things as we come out of a somewhat choppy week. Lets take a look...
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SPX DAILY - I am seeing what looks to be some topping action on the daily charts, so we may continue to see some choppiness and then a dip into a dcl. The 13 sma stop would still have you long though. Since this also looks to be a R.T. Daily cycle, we should see a higher low, maybe just a chop down to back test the 50sma.
Read MoreThis is Dec 31st, the final trading day of 2019. As mentioned in the weekend Big Picture Report, many Charts are setting up to make 2020 look like it will be a great year for trading / investing / Making Money. Lets take a look at the charts and see what the current set ups look like going into what should be a lighter volume day of holiday trading ( Although I think you may remember what happened when I said that for last Tuesdays 1/2 day trading before the Christmas holiday).
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Well, getting to the good news first shouldn't be very difficult this week: It was ALL good news. 🙂
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Well, a holiday shortened week can be a light volume non-event, but it sure wasn't this week! We have been anticipating a likely Bullish Break out in the Precious Metals sector, and that is exactly what we got. Even the volume on Tuesdays 1/2 day of trading was heavy, so while we discuss progress of a few of the other sectors, we are going to focus on Miners a bit more in this report. ARE YOU RESTED & READY FOR ACTION? THIS SHORTENED HOLIDAY WEEK MAY NOT BE TAKING A REST 🙂
Read More Gold pushed a bit higher on Monday and it has closed above the 50 sma. On what would normally be a light volume week of holiday trading, GDX pushed away from the 50 sma with decent volume. We now wonder: "Is Gold about to rocket higher?" Why do we ask? Well, we have been anticipating that possibility for weeks as the sector churned sideways and on Monday The Miners seemed to think that it is time to go higher.
Let's just take a look at some of the recent charts from past reports along with the current set ups, and discuss further what we have been looking for.
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