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It is the final trading day of the week, so this report will just be a quick summary and will also include a few trade ideas
SPX – I think that we have a dcl. In tech analysis, you would expect a possible run to the upper trend line, but…
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SPX – The General Markets gapped higher on Tuesday and the rolled over again. The 10sma is rejecting price, so we still do not have a confirmed DCL, but we are due for one and we do have a swing low unconfirmed.
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As I sat on the plane returning from my trip yesterday, I thought of the Chartfreak Readers while having a beverage & some Crackers 🙂 I noticed that Gold was selling off, but Miners seemed to be holding up fairly well, and I wondered if that would continue through out the rest of the day.
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We’ll discuss Precious Metals after a quick review of the markets and a friendly reminder that TODAYS TRADING CLOSES AT 1 P.M. IN THE U.S.
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I’m sorry, but my wife talked me into the picture above for the weekend report. I actually felt right at home on my visit to the Biltmore in Asheville North Carolina. Why? Well, they had Chartfreak Lions everywhere, and also Miners began breaking out Friday morning, easing any concerns that something ugly would happen in Gold while I was away. 🙂 Why did I like what I saw Friday, and what does that move in GDX & GDXJ mean ( if anything?). Let’s discuss the market action from this past week and what I m expecting as a result. I also want to mention why I chose the LION as my logo when I started Chartfreak…
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This is a snap shot of ‘things’ for Friday
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With every passing day, we are 1 day closer to one of the best trade opportunities that the Precious Metals Markets offers, and they only occur twice a year. Let’s discuss the various market sectors and then we’ll look at Gold, Silver, and the Miners …
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NASDAQ – June 18th, I showed the bearish rising wedge forming on the SPX & NASDAQ . Read the chart.
NASDAQ – After 4 drops & reversals higher in a row, we had a POP to new highs. Deceptively strong looking, but the WEDGE was still in tact, so I wrote that “we would see if this bearish rising wedge would break out higher or down” ( They almost always drop down).
THE WEEKEND REPORT SHOWED THIS WEDGE AGAIN. I SEE A HIGH VOLUME DROP FRIDAY THAT WAS LIKELY POINTING TO A COMING TECH DROP.
NASDAQ – Monday at 10 in the morning , this is how Monday started…
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This is your Big Picture Weekend Report…
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