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I have good news and bad, but the bad news isn't really all that bad either. The good news is that we have done a great job of pinpointing and navigating the lows of what appears to be an ICL ( a deep meaningful low) in the precious metals market. The bad news is that we now have to navigate the upside and as you will see, its a bit trickier than many may expect. Lets quickly review the markets first.
SPX- This has been no picnic for investors either. The SPX is basically flat for the entire year. Strong sell off and reversal yesterday, but can it break to new highs? It needs to be monitored. A break below the July lows in the next few weeks would be very bearish in my opinion.
Read MoreGold, Silver, and Energy stocks have been bottoming and some have begun adding nice %-Gains already. I had warned that if we didn't take a position, it might get very hard to do so. Why? We might see what is known as an Island Bottom. A Gap open higher that may not fill. I used this chart yesterday to point that possibility out.
Lets review some charts of Gold, Silver, and Energy stocks for potential entries...
Read MoreMid day thoughts...
Read MoreI was very happy to see the steps that the Metals and OIL markets took as the day went on. We will discus those steps in detail further on in the report, but first lets take a look at one of the major players in todays movement.
USD - many were saying how strong the DOLLAR was looking, but I was writing that it looked weak internally, since mid July. This should bode well for Commodities.
Notice the next chart of the Dollar...
Read MoreFor quite some time I have been pointing out things to take note of that are a little different than many others saw things. I think others are starting to see what we were pointing out here months ago. I was mentioning a bearish rising wedge pattern in the spring, and in June I looked at the SPX this way.
JULY 24, the SPX had not broken out from that toppy looking curve.
Would the BULL MARKET break higher soon?
Read MoreQuick thoughts...
Read MoreWhen dealing with Cycles, there are times that they are getting s-t-r-e-t-c-h-e-d, and other times when the count has simply started over. Right now in the Precious Metals markets we are facing that situation, so lets discus that further after we review some other areas of the markets.
SPX - more sideways action. Yesterdays rally attempt sold off
Lets look at the NASDAQ...
Read MoreLets get right to the charts...
I mentioned yesterday that in addition to other things like the SOX, TRAN, and a few other things, AAPL showed signs of cracking. Please dont shoot the messenger, but it sold off further. Watch to see how this acts on the Bounce or recovery move higher.
AAPL
Read MoreI wanted to get this report out tonight , so it's just going to be a quick review of todays market action and a bit more on GOLD and MINERS.
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DJIA - The Good news was that todays sell off ended with a reversal candle
But there are cracks in the armor for now. Notice above the downward sloping channel with lower lows and lower highs? Also notice...
Read MoreIf you are a subscriber here at Chartfreak.com, you know what this picture represents. Lets discuss the markets and see where they landed at the end of last week.
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I will start with the wkly chart of the SPX.
Again we see a LONG consolidation for the entire yr of 2015 really. Bullish if it breaks higher and rallies, but...
I want to point out the MACD on the above chart and this following chart as a reminder...
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