NFTRH+; Today’s market

Quick pics and brief comments.

SPX recovers to near an all-time high after a sentiment micro-twitch, NDX ticks a new high and SOX recovers above the SMA 50, regardless of its internal divergences (e.g. Semi Equipment).

The world is bouncing. Since this is occurring above the rising SMA 200 it is still technically intact, unattractive pattern notwithstanding.

Commodities (DBC) are bouncing but still potentially in breakdown mode for a would-be test of the SMA 200.

Long-term yields have not responded to the party atmosphere, however. Not yet. The 30yr yield is in a small incline w/ a higher high and thus far two higher lows since mid-July. Ref. here that the Continuum (30yr yield’s monthly chart) is still intact to its right side shoulder. The reflation stuff is not necessarily dead, but taking a breather at least. Note here that the Gold/Silver ratio and USD are taking a hit but have not negated their rallies. I’ll stay open minded about those two (deflationary signalers) along with the yield (inflationary signaler) on the other side of things.

Gold (GLD) is still on a bounce, now approaching the key SMA 200. Take out the early August high and we start taking it more seriously. Not until.

Silver (SLV) is doing a short-term ‘w’ bounce thing. It can go all the way to the SMA 50 (SLV 23.45), fill a gap and still not be out of the woods.

HUI is finally on the anticipated bounce per Aug. 18 update. Keep in mind that it can bounce to 265 and remain firmly bear trending by the down-turned SMA 50. Taking out 280 would be helpful but then there is the down-sloping SMA 200. First visual short-term lateral resistance is at the 250 +/- area with more at 260 (chart not marked up).