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Friday is a holiday and the markets are closed, so today is the last trading day of the week. Earlier this week I had mentioned cycle counts and a possible bearish rising wedge, so 'tighten stops and stay alert' was the thought for the General Markets at that time, but now? It may be time to consider 'Safety First'. Let me explain...
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XBI #1 - This was the XBI ( A Biotech ETF) Tuesday. It landed on the 50sma and also had the support of the 200sma below it.
XBI #2 - This was the XBI on Wednesday, the very next day. Look at that volume and how easily it sliced right through both moving averages. If that is some kind of warning of what might be coming in the rest of the markets, we better be listening.
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NASDAQ #1 - The NASDAQ has been climbing along the top of that 8 ema ( or 10sma) Bullishly.
Read More The General Markets should have a little more upside, and if you are willing to ride the dips and just hold current positions, you can use a reasonable stop. If you hate losing any of your gains, it might be wise to tighten stops and keep an eye on open positions. The markets have been running strong and pull backs have been fairly shallow, but it is looking like we could be due for another pull back soon. Let's review what we have...
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SPX - The bearish rising wedge has been moving closer to the Apex. This is at least shorter term bearish. It doesn't call for a crash, but it does signal a possible pull back may be coming soon, and...
Read MoreLets get our Big Picture View in the weekend report, the weekly wrap up.
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SPX WEEKLY - The SPX continues higher, and will likely meet the 2018 highs, whether that happens now or whether we get a pull back to a dcl first, and it happens on the next daily cycle. This current daily cycle seems to be a right translated Daily Cycle, so the next should pop to new highs again. So far, this remains set up bullishly in the big picture, even if we get a short term dip.
Read MoreToday I want to review the market action, discuss the Precious Metals, and then discuss a few trades, including some of the ones that we have been riding in the Blockchain area, since Bitcoin and other cryptocurrencies were setting up Bullishly. Let's get right to the Thursday report...
Read MoreAfter a brief market review, allow me to explain why we might actually be at the 'Moment Of Truth' for the precious metals sector
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SPX - The SPX is on day 22 and price inside of this short term bearish wedge is heading into the APEX. I would expect a drop into the dcl soon. The 200sma may act as support.
Read MoreLast weeks markets were active, so let's take a look at what happened and see what that means to the Big Picture in various sectors.
Read MoreToday's report will focus strictly on what most were discussing Thursday -
"What is happening in The Precious Metals Market?" Is it party time? We have a lot to look at, and I have over 30 charts to examine on this subject alone, so let's get started...
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