Typical of 2020’s impulsive market action, HUI has already touched the top of the first key support zone. I thought it might bounce back a bit to mess everyone up by testing the EMA 20 breakdown. But instead the support test is on, here and now.
I am on watch to see if favorable signs crop up on the macro (stock market weakness first and foremost) and don’t forget that Huey is entirely capable of testing the rising 50 day average (green). But generally, I am watching now to position while trying to have a level of patience.
I am also watching my non-core items because if they violate the support I perceive on them I’ll do some selling. Thinking SVM, MAG, maybe even SILV. The only reason I did not sell them yesterday is because they had charts I’d buy, not sell. But if they break down I will whittle down toward the core.