NFTRH Update, Key ETF Charts


GLD is on a daily bear signal below the MA 50’s and MACD going red.  At a potential S/T support area.


SLV is on a bear signal.


GDX is on a bear signal.


SIL is in a falling wedge (often bullish) down to and through support.  Watch SIL as a potential leader, as it has led down thus far.  It’s on a daily bear signal.


DBC remains in breakdown mode and is on a bear signal.


SPY is on a bull signal, is over bought and MACD is triggered down.


EZU continues to correct its over bought status, is MACD triggered down but still on a bull signal.


EEM is on a bear signal.  Support around 40.


FXI is neutral on the verge of a bear signal.  But downtrend channel could be a bullish flag as illustrated in NFTRH 264 by weekly chart.

Bottom Line

The sector that is offering value from a fundamental perspective (in many individual miners) is still bearish from a daily technical view.  We might continue to give weight to the idea that a turn – when it eventually comes – could be a inflection point as opposed to a readily measurable technical signal.  At such a point, value buyers (investors) would be rewarded.  But the macro fundamentals continue to be a drag and according to Mark Hulbert, gold traders have not yet given up the ship, which is not usually a positive.

Commodities continue to fight a big picture battle at CCI 500.  The US stock market is over bought and could use a healthy correction.  Europe appears to be in one now.  China remains interesting the EM’s may be in a similar boat to commodities.