You are here: Home1 / Premium
Another week of choppy trading, but there is a lot to talk about this weekend. It may be time to start gathering the goods, so lets get right to the charts.
.
SPX - More of the same, Capped at the 50sma and L.T. ( left Translated) so far, it still needs to break one way or the other. Markets do not like indecision, and maybe this is what we get until after the elections. Please read the chart.
Read MoreWe are still waiting and maybe, just maybe, the Jobs report FRIDAY before the bell will act as a catalyst. Lets discuss why it would be great to see the futures in Gold higher before the market opens.
.
$GOLD - To start with, we have been expecting this type of a deep sell off since the summer. This is becoming deeply oversold, from the Brexit buying to this recent steady exit.
This is what I wanted to point out for Friday...
Read MoreToday I want to take a closer look at Oil and Gold.
If you have been here for a few months, then you know that this is what we have been waiting for. Lets review.
.
GDX - Way back in August I started to ready us for a deeper pull back than many at that time would think is likely. You may recall that I kept saying that a solid target was $22-$24 and I said to look for that steep drop at the end of September or beginning of October.
This chart from Aug 22 is an example of me preparing us for a coming buying opportunity. I expected a bounce first, then a steep drop.
My Weekly chart showed GDX broke the weekly uptrend line. A wkly trend line break for an 8 month trend is 'ugly', and indicates that a yearly cycle low is coming. That magenta box became the likely target after that bounce at $22-$24 shown in Sept/ Oct. We would monitor things a little closer when we got there.
We are there, time to monitor things a bit more closely. 🙂
Read MoreLets take a look at what appears to be some good energy.
.
WTIC -
As expected, Oil is following through to the upside. Sitting near the August highs, it could form a handle on this mini cup , or it may just power higher to the June highs.
Read MoreOur recent weeks of trading have had a lot of sideways chopping action. My last report discussed how that was ending in Oil, and I think that the choppy action is about to end in the general markets too. Lets go to the charts.
.
SPX - As price approaches an Apex we should see a nice break out and run. There is a lot of pressure built up in this consolidation. A break down could get ugly fast, but this leans bullishly at this point.
SPX WKLY - This looks similar to the 2011 sell off, break out and back test in 2012.
Read MoreLets talk about the current window of opportunity
.
WTIC - Wednesday I said that this break out looked legit.
WTIC - And Thursday we saw follow through, but...
This is what I really want you to see ...
Read MoreAfter all of the sideways chop, I think we finally have something interesting to talk about.
.
SPX - If Oil could get moving higher, I think we'll see the markets moving higher too. After all of this sideways chop ( in many sectors), this is a bullish set up with todays strong reversal.
Read MoreI've seen choppy markets before, but it seems like Oil and Gold are up one day, down the next , up one day, down the next. It can be very difficult to navigate the choppiness, but Cash is also a position until we get a nice trending market. Other trade set ups are an option too. Lets take a look at the charts.
.
SPX - Short term I see a choppy triangle forming, and the larger picture might be forming a rising wedge. We can look for follow through with a break down or a break out.
Read MoreI just want to get right to the point here, lets look at the charts.
Read More
Scroll to top
