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.
