June 28 – Continuations

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Friday we saw the initial reaction to the Brexit vote, and Monday we saw some follow through. Lets look at the charts...

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From the weekend report...

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June 25 Weekend Report … KA-Boom!

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Last week the General markets went through a period of indecision. Each morning the futures were green, then the markets sold off into the close.  We had the Fed giving testimony to congress and the Brexit Vote scheduled for the end of the week. 

SPX 6-22

After the Brexit vote, the future went Ka-Boom, with Gold up almost $100 at one point, and the general markets  ( in the US/ and globally) panicked.

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SPX - The Dow closed down over 600 points, the NASDAQ was down over 200 points, and the Spx was down about 76 points. That is a rather ugly candle.

SPX 6-25

The ICL  (Lows) were not broken, but...

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LOCKED IN AND LOCKED OUT

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Some are locked into positions for better or for worse, others may be locked out of positions ( MINERS) that they hoped to own on the next run higher.  We have been buying and adding. Anyone holding leveraged positions may be in for quite a ride. Lets have a quick look...

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 At Chartfreak, I announced that I thought the next important low (ICL)  was in for Gold 3 weeks ago and began to buy miners.  Confirmation of that ICL came a little while later with a trend line break and a few other factors. I drew these  expectation in my Gold chart for June 14th, a possible run to $1400+.

GOLD wkly 6-14

While the BREXIT vote was going on Thursday, I decided to take a snap shot of Gold before I left for dinner.  This is where we were at.  I also thought that we could tag or slightly break the 50sma ( shake out) and then move higher. We hit the $1255ish area, just below the 50sma.

GOLD AFTER HRSLater Thursday night, this is what we had. Unbelievable!  Gold was up $85, and the Dow Futures were down $677. The NIKKEI was down $1430 ! The US Dollar was up almost 3!

GOLD now

What next?

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