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After we review the general markets, Oil, the CRB, etc, this weekend report will focus mainly on Gold, Silver, and Miners. To the charts...
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SPX - This is a Fed Week, so I am watching the markets very closely at this critical area. This is rather early in the daily cycle, and if this is "the Peak', it will likely be left translated. We saw a slight break to new highs and then it gave them up. On day 15, I'll we watching this closely going into the Fed mtg.
We have 1 trading day left in the week and then we can relax. The weekend report will further our discussion on Energy and Precious metals, so today I am going to just show you 3 charts that will be in the weekend report.
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You may have heard that you should not buy miners until after a 'blood bath phase'. As mentioned in my May 18 report, I have received emails telling me that warnings are out that the next ICL ( meaningful cycle lows that occur roughly every 5-6 months) will NOT come until we first see a huge sell off. Many think that will happen around Brexit ( June 23rd).
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I used this chart to show what happened coming out of the 2008 lows, when we looked for our 2nd ICL. I do NOT see a deep bloodbath phase 6 months after Oct 2008 lows. I see higher lows for 1 year, so that is noteworthy.
Actually, for 2 weeks I have been saying that we could be at the next important low in the precious metals sector. Last weekends report discussed this idea further and this weekend will include more research in that area .
Read MoreWe've been discussing Oil and Energy among other things recently, and I wanted to mention what I am noticing in this sector lately.
WTIC - Over a month ago, I had a target of $51.60. I felt that Oil may struggle at the $50 area and pull back before moving higher. A drop into a Daily Cycle Low would be the red path shown. The Green path is possible too.
We do see that struggle at the $50 area, but here is something to consider...
Read MoreEverything that we have been discussing is still lining up. Lets review...
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SPX - I have been expecting a bullish rise since the lows in February, and a higher high after the DCL. Quite interesting that even after a very weak jobs report Friday, the chart remains bullishly lined up.
Read MoreThis is part 2 of our weekend report, and it will focus on the Precious Metals Market. In Last weekends report, I pointed out this very important chart. What was I trying to draw attention to?
GOLD- Using Cycles, the Intermediate Cycle Low (ICL) , a very meaningful bottom, has been arriving every 4-5 months. I pointed out that at 6 months from the Dec 3rd ICL, a very important low is due. Gold was not plunging deeply into its low, so many were not buying, they are waiting for that deep pullback. Would it be that easy to get 'low priced Miners' again? I thought we would see the ICL in 1 or 2 weeks. Here we are, 1 week later.
Read MoreI believe there were a lot of shocked faces Friday after the release of the Jobs Report. The Dollar absolutely tanked and Gold surged higher. In fact, GDX was up over 11% by the close. Was it completely unexpected here at Chartfreak? The dramatic fashion that things occurred was a little surprising, but I have been focused on Miners again since last weekends report. I said in last weekends report that " It is time to focus on Precious Metals again". I mentioned that the "Timing" was due for a low and in each daily report I tried to point out more evidence that something was coming. Today, we will discuss this even further. Lets get right into the market review.
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SPX WKLY - Nothing has changed here. We dot our DCL and now we are waiting for a break to new highs or failure.
Read MoreFriday, the final trading day of the week.
Read MoreMany readers here like to trade daily, attempting to scalp some short term gains or trying to grab a small run. Others may be patiently waiting in cash for a longer term run, like we saw in Miners from Mid January through April? Like the Bear in the theme picture patiently waiting for a salmon run, they soon should be rewarded. After a market review, let's discuss what is involved in that waiting period.
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SPX- We still see our bullish set up and even got a reversal Wednesday after an early sell off.
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