Is that an inverted H&S in gold? I responded to someone’s tweet about gold with the monthly chart below, which we’ve been viewing in NFTRH updates as an alternate scenario. I decided to tweet it directly as well. I for one have not been bullish on gold/gold stocks beyond a bounce lately, but you know, open minds and all. Gold’s seasonality only adds to the … Continue reading Gold’s alternate scenario at a seasonal low
The more times support is tested, the weaker (they say) it becomes… BTCUSD is thus far locked below the down-trending SMA 50 and the neckline of the first bearish pattern we tracked in late winter and early spring. The daily chart is gently fading and may have another test of the green neckline upcoming. Should that fail the next support is the 2017 high, with … Continue reading Bitcoin eases back toward the neckline, Gold rising in BTC terms since April
US stock market breadth is fading The US stock market has bad breadth as participation thins out markedly. Below are a few examples. Equal weight SPX is fading headline SPX per this chart which we feature occasionally in NFTRH but update the status of most weeks. SPX new highs/lows is diverging the headline as well. Let’s also take a look at the thinning out going … Continue reading Will the US stock market’s worsening breadth matter?