As I prepare for another disjointed day mostly away from my screen, let’s take a look at the bigger view of some items.
Dow has crashed all the way down to the top channel line.
SPX is still forked.
SPX/Gold (Amigo #1) is not broken.
NDX could crash and still be above the 2000 high (perspective).
DAX got through Target 1 but not Target 2.
TSX tests support. That lower low in February was a concern.
Nikkei at key long-term support.
CRB continues to lurk at resistance.
CRB/SPX does not indicate a grand new phase for traditional ‘inflation’ items.
Crude Oil is in a multi-month struggle with resistance.
Copper is now at very key support. Lose 2.80 and it’s good night Doctor.
Uranium… ha ha ha.
This should really be asking whether it’s the 4th Horseman, because the 3 Amigos are happy-go-lucky and playing out their story amid the gaiety.
What comes next, when the party is over is going to be less than happy. Palladium is very cyclical and I do wonder if its ATH was a signal.
Here’s Amigo #2, in the books.
Gold lurks. I told you they were not going to let it just dance its way to its new bull market.
The miners suck as always. But that consolidation handle lay in wait for the time when the macro turns and this sector blows ’em all away. 170 (+/-) on Huey will dictate whether or not there is a classic running of the gold bugs first, however.
Finally, a warning of sorts that Uncle Buck is not dead yet.
Just a few pictures to consider.
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