The potential bear trap and bounce noted in yesterday's update is following through today and now it is time to set its parameters. To keep things simple, let's use a…
I am using Intel (INTC) as an example because it is an NFTRH+ item that has still not reached its target of 40+. That target is in doubt with the…
We have been expecting a correction in the USD to come about sooner or later. With crude oil up again today I wanted to give you a view of the…
Well, that was a heck of a post-FOMC reaction. As if the slightly redone wording actually said anything more than 'we may raise interest rates by mid-year and then again,…
A snapshot of current daily technicals…
Precious Metals
GLD continues to rise toward the measured target around 128, where it would be over bought. Support is 117 to 119.
Stock Markets The US market is now just about at the limits of a 'bounce' vs. 'bull continuation'. Using SPY as an example. Junk bonds, while still in a downtrend,…
Yesterday we updated the hit to the miners and that update still looks valid. It looks like the reaction is just that, a reaction. But also note that the miners…
Last week when GDX pulled back hard we reviewed an NFTRH+ update and target of 23. Yesterday and this morning it hit that target and today, poetically, comes the next…
A snapshot of current daily technicals…
Precious Metals
GLD broke up from the pattern neckline and smashed through the SMA 200. That area around 120 is now key support. Upside target measured off the pattern has been around 128, where it would be very over bought.
As if it were as easy as all that the market looks like it is trying to find support after we noted its state in pre-market. It is not as…
US Stock Market The stock market is down again in pre-market. We are at a point where technicals will start breaking down or another big bounce reversal will begin. For…
On the other side of the equation from the earlier GDX update, we have the bearish Financials ETF XLF, losing important support today. MACD, RSI and AROON are all down to boot.
Using GDX as a general sector marker, we see the price dropping right down to the former resistance area around 20. That is the first of two notable support areas.
A snapshot of current daily technicals…
Precious Metals
GLD broke back above the first key support level. 120-122 will be a big test. A rise above 120 would put in a short-term higher high to go with the recent higher low. 114 is where key support begins.
