How’s It Looking For Those Miners?

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That theme picture seemed funny, because it seems like day after day the deterioration  has been relentless in that sector.  Actually,  many Miners do not  really look that bad, and I will point out a couple of Miners that are setting up rather nicely too.  We'll be discussing the General Markets , Oil, The USD , and Precious Metals for the final trading day of the week.

 

SPX - So the SPX is near the highs of January and we have resistance up here.  We are coming due for a drop into a DCL, but this became a right translated daily cycle, so we can expect a drop and then a return to these levels. The channel has been a good guide for DCLs so far.

 

SPX - Stepping back, we see a bearish rising wedge.  The Apex is actually about a week or two away, so this could go higher, but with the purple & blue line as resistance, it may get  rather choppy and then drop.

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8-9-18 Looking For Confirmation

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WTIC - Almost 1 month ago I pointed out that I was expecting a Bounce from here, but that it would stall and drop as drawn (possibly to the 200sma).

 

WTIC - Oil bounced & dropped as expected.  I now expect this drop to take out the lows of the DCL  ( The blue arrow) and form a failed daily cycle, eventually seeking out an ICL. I wouldn't be surprised now if Oil breaks below the 200sma in a shake out too.

 

THAT SAID,   For those that are interested...

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August 8th – Hmmmm? Wait A Minute!

/in /by

That was what we wanted to see in Miners, so we'll discuss that in detail shortly, right now let's start with  a market review...

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