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This is a long report. I wanted to discuss Gold & them Miners in detail in this report. I have mentioned that I am seeing various interesting things in that sector over the past few weeks, so let's just briefly review the general markets and go right into Precious Metals.
SPX - The actual lows were 6 days ago, and we do not even have a swing low in place yet. I would say that a close above this trendline & the 10sma should signal a dcl occurred, and then one could go long with a stop below that 50sma.
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SPX - From Fridays report, this shows that the SPX could be forming a megaphone pattern as it sat around the 50sma.
SPX - Friday the SPX moved higher off of the 50sma, but has a new daily cycle started 6 days ago?
This is what I would look for going forward...
Read More It is Friday, the last trading day of the week. Jobs numbers will be released, along with the Natgas Inventory numbers. I like to remind 'traders' and 'investors' that today is the last day to be positioned heading into the weekend. I am holding several trades through the weekend, but I have been over 50% cash for a while, waiting for a solid buy set up to form in the Precious Metals sector. Enjoy your weekend!
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SPX - Closing below the 50sma could be a shake out. It was the last 3 times the SPX closed here. Either we sell down into the grips of a deeper ICL sell off, or look for a reversal and a close back above the 10sma ( not just the 50). Jobs numbers could affect the general markets.
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