You are here: Home1 / Premium
I have been digging in this weekend, and looking for more clues within our market sectors. Let's just get right to it, I've stumbled across some rather 'interesting' finds to share with you. We will focus much of this report on the GOLD & MINERS , after reviewing the Big Picture on the General Markets and Oil...
.
SPX DAILY - The selling has been relentless and as mentioned, the safer buy would be to wait for a confirmed daily cycle low (DCL). Though we did have a bounce over a week ago, this week we did not have enough buying to push above that 10sma. That said, CYCLE COUNT indicates that we are very close to that dcl. A doji candle formed Friday, a candle of indecision with Buyers Vs Sellers breaking even. THE LOWS ARE DUE.
Read MoreSo we were expecting that the Miners could possibly drop to do a 'back test' of the 50 sma. In fact, I mentioned that in almost every report for weeks. I must admit though, I did not expect it to happen all in one day, but that is pretty much what happened Thursday. Let's take a look...
.
This is my GDX Oct 15th chart, showing that that possibility exists for that back test. I wanted us to be prepared for a drop like that, but like I said, I expected it to be more of a normal gradual dip lower.
Just 1 hr into trading, the drop in GDX & GDXJ looked like this, and it closed even lower at $19, just above that 50sma.
On top of THAT, this was Gold and it hardly dropped?
Can we make sense of this? Is this still just the back test of the 50sma for GDX & GDXJ? Did earnings of GG & NEM destroy all hope for Miners? Well, I do have a few ideas that will give us clues to watch for as this continues to play out. This will be a longer Friday report than normal, so let's get right into it...
Read More
Honestly, not much changed from yesterdays report, except for the depth of the General Market selling. Let's review and try to discuss at least a couple of new things.
Read More
The selling continued in the stock market, but there is a recent development that I mentioned we should look for.
.
DJIA - Yesterday I used this chart and mentioned that we could look for a possible double bottom low, or 'W'-Bottom with divergence. You see it at other Lows formed this year.
Tuesday the DOW dropped over 500 points and broke below the 200sma as a possible shake out / reversal.
1. It is safer to buy a swing low confirmed above the 10sma, as you can see, the last swing low 2 weeks ago failed at the 10sma. However...
2. For higher risk traders using technical analysis, That low can actually be bought with a stop below yesterdays lows, but keep in mind...
Read More Nothing has really changed since the weekend report. The markets have been choppy and difficult to record any gains over the past few days, but I do love the way the Precious Metals sector acted yesterday, so let's take another look at what we have.
.
SPX - You can see that these types of sell offs into an ICL can lead to a double bottom, and Monday our General markets sold off further.
DJIA - You may want to look for something like this
HOWEVER....
Read More
DJIA - I can't say with certainty whether this is a long term double top or not, but it has played out as a short term double top. We were expecting this drop into an ICL for weeks . Look at the strong bearish divergence on the MACD & RSI on a weekly basis. I've discuss in my daily reports what to expect going forward.
Read More I love Rocky Road Ice cream, but Rocky Road Trading? Not so much. My last few reports have mentioned that even though we do have a 'low risk entry' for Buying at a swing low in the General Markets and some other areas, stops are a must. It is not a confirmed swing low, and we have volatility and choppiness, so buying the swing doesn't necessarily mean that it will be an easy ride.
In fact, yesterdays report was entitled : 'It Is Still A Rough Ride.' Going into the last day of trading for the week, lets review Thursday and see if this proved true.
.
Yes, it proved true - The Dow was down over 399 points and the NASDAQ was down 184 when I captured this in the afternoon...
.
SPX - I also mentioned that similar to February and March, things can be choppy around this 50sma, even with a swing low in place.
Read MoreThe release of the FOMC Minutes really didn't seem to have any meaningful or lasting reaction in the markets. It may have added a little knee jerk reaction or volatility, but overall there was no big directional change. Let's take a look at our markets, and again, there really are no major changes from yesterdays report to discuss, but we'll still review what we have...
.
SPX - I have been looking for a steep drop and an ICL. We have that steep drop and a reversal after the 200sma was taken out, so this could be a shake out. It is a swing low, and yesterday I said that this could be bought ( TQQQ or UPRO, etc) however...
Read MoreNote: FED MINUTES are released at 2 p.m. Wednesday.
.
The General Markets stopped sliding, yet 1 day before medical & recreational marijuana is to be legalized in Canada - Pot stocks decide to slide. Is it going to be the typical "Buy the rumor, Sell the news? " in that sector? Is the rally over? We'll take a look at that too. Lets take a look at the market action...
.
NASDAQ - This ICL drop was steep and broke the RSI below 30, unlike the Feb & March drop. This reversal could be bought at a low risk low, but ...
Read MoreThe weekend report covered the Big Picture, so today will cover some of Mondays action and what we can expect from there...
.
Read More
Scroll to top
