June 8 – Coming Together

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The trading has been good for the past few weeks and as time goes by, we are seeing many things coming together as expected.  By the time we get to the weekend report, pieces should fall into place and give us a clearer big picture too.  Lets review some of the recent action and how it has been playing out.

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DJUSST WKLY - I posted charts of STEEL in May and June and expected another run higher. Steel stocks should benefit. 

6-2 STEEL WKLY

STEEL - This is the daily.  Lets look at steel 1 week later. Steels daily 1 week later.

6-2 STEEL

STEEL JUNE 8th - One week later and Steel is breaking out.  Steel stocks like STLD, AKS, X, etc have started running again too.

STEEL 6-8

Notice how Steel broke above the 50sma, stalled and then took off higher? Then take a look at this...

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June 8 – Energy

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We'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.

6-8 WTIC

We do see that struggle at the $50 area, but here is something to consider...

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June 6 – Lining Up

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Everything 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. 

6-6 SPX Read More

June 4 Part 2 – The Golden Egg

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This 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.

GOLD 5-28 ICL Read More

June 4 – Shocked

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I 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.

6-4 spx Read More

FRY DAY

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Friday, the final trading day of the week.

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June 2- Patiently Waiting

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Many 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.

  6-1 SPX Read More

Technical Difficulties

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To start with,  I know many followed me on this trade, since it was pointed out a few times as low risk above the 200sma and very oversold. You should not have been stopped out with price holding the 200sma, as part of the trading plan.

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CLF - May 23 -  Low risk entry above the 200sma, stop loosely below the 200sma.

CLF 5-23

May 25-  A trend line was also acting as support and the MACD was correcting itself.

CLF 5-24

CLF May 31 -  Sweet, up 40% more today.

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Trust Issues

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Let's get right into the weekend report, and I will discuss all of the sectors and why I chose trust issues as a theme.

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SPX-  Last weekend I had been discussing the expected rally and the potential that it has to be strong since price is near the highs, but the signals that I was getting was saying that it was near term lows ( DCL). Since the markets did form a pattern known as H&S,  I used this as one of my charts showing that we were at lows, not highs on a weekly.  Would we have a strong week?

SPX WKLY 5-20  

May 19 - I saw the H&S too, but I had trust issues with it playing out, because many other factors were calling for a rally.

SPX 5-19

SPX WKLY - That was a strong break higher and the SPX is actually heading to the May 2015 all time highs. If it breaks out from there?  I have prepared charts for that time already  🙂   It could get very bullish , apparently climbing a wall of worry, because all I hear is negative talk.

SPX Wkly 5-27 Read More

May 27th – 3 Day Weekend In The U.S.

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Not much has changed from Thursdays report.    Janet Yellen  speaks today and she possibly could shake things up with some dovish or hawkish talk, so we'll see how that goes.   And then all then traders in the U.S. will have a 3 day weekend to think about it.  Hmm

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If  you are heavily invested and you'd rather not think about it on your weekend off, you may want to lighten up.

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