SPX daily chart shows what I meant this morning about testing the breakout. We should understand that some relatively weak sectors never did break the equivalent of SPX’s green dotted line, but this is a headliner and support extends down to 2680. Short of a failure of that area I’d still be careful about a bear stance. We noted the pullback parameters on GDX and … Continue reading NFTRH; Mid-Day Market Update (med. priority)
A quick look at daily chart parameters for GDX and GDXJ. GDX has dropped to the SMA 50, which is a support level. The chart is intact as long as it holds above the previous low of 22.04. A daily close below that level would likely break the bounce. GDXJ is in similar position. It needs to hold 32.27 to remain intact to the daily … Continue reading NFTRH; GDX & GDXJ Status (med. priority)
I am not sure what caused the decline in markets, including the precious metals this morning (other than a spike in long-term yields) because I had an early commitment (as I will most mornings for the next one to two weeks), but what it brings on is a test of the stock market’s break above the daily chart trend lines we noted in NFTRH 499, … Continue reading NFTRH; Market Update – Stocks & Gold Sector (med. priority)
