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The markets still look a bit mixed, and I am expecting a dip into a dcl, so let's start by taking a look at the current set ups.
DJIA - I am expecting a dip into a daily cycle low and the DJIA appears to have a bearish rising wedge forming. There is room in the apex for another pop, but it should break down from here, since we are due for a dcl. Again, the DJIA is only 1/2 way to the Jan highs. After a decent run out of the last DCL, it has been a bit choppy.
It looks like we are back to Mixed Markets, some sectors stronger than others, but since I am expecting a drop into a DCL, I would be fairly cautious in all areas short term.
Read More Can't you hear the Thunder? There are plenty of rumblings out there in the land of the Miners. They have finally decided to really Join Golds sell off in earnest. We'll discuss that in the precious metals section after a quick market update.
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SPX - I've been expecting a drop in the general markets, and on day 31, closing below the 10sma, this is likely a drop into a dcl starting.
Read MorePART 1
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Yes, that Theme Picture is a real un-doctored Gold Chart that I captured 'live' one night at midnight as I was writing my report. In this report I wanted to show you some things that You may find quite interesting about that time period...
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You may not even remember June 3, 2016 or June 23, 2016, when they actually should be very hard to forget. I want to tell you the story, so that you at least you know what possibilities do exist 🙂 I write my reports later at night, and Gold was slowly rising from $1250 one night when I started writing it. Well, it started ramping up and just kept going, rising up almost $90 to $1241.90, as captured by me in the Theme pic live late that night. It did NOT stop there. It actually jumped $109 points that day. Let me tell you a story ...
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In May 2016, Gold sold off into an ICL. Interestingly, it dropped from $1310 to $1200, and you could say that from May 17th to the end of May it was all red, red, red, day after day. THAT KIND OF SELLING GETS TIRING 🙂 I say that because we just sold off from $1314 to $1204 too, almost the exact same amount (but we took 2 months to do so, VERY TIRING). Back to 2016, we had our ICL in place at the end of May, but it just went sideways for 2 days. On day 3, or 4 days after the lows were in place, Gold went Boom! It took off, rising up almost $40 in 1 day, and kept on going for 2 weeks. After a brief pull back, BOOOOOOOM! That Pop of $110 followed.
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THIS IS GOLD NOW, and we also just sold off from $1313 to $1204, it has just taken longer. When the contract changed to December, this chart was altered a bit, so I will show the Spot Gold chart too, for accuracy. It shows the NEW low that Gold traded at when it hit $1204.
SPOT PRICE - 2016 took 1 month from 1300-1200, but this has taken 1.5 months
We will cover the General Markets, Oil, The USD, etc. next, but then I will have PART 2 of this discussion at the conclusion of this report. At that time, we'll discuss the current set up in the Precious Metals sector. It is an important conclusion to this very interesting story. Enjoy 🙂
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