HUI has declined to 215 and made a marginal lower low from the start of the bear flag in the 216’s. We had been anticipating 210 as the critical support to a bottoming scenario. So, given the proclivity of this sector to test limits, let’s keep that alive.
Just getting comfortable with the format. Please dear non-traders, tune out these updates. As noted in NFTRH 287, CORN was dropping toward a lower channel line. This morning what I…
A reminder that ETF charts are more a snapshot to current status than comprehensive TA. Also, to save time the MACD (which is usually noted as green (positive) or red (negative) will be colored blue in ETF updates going forward. The relevant point to the color coding is whether MACD is above or below zero. Also, RSI is added and the charts have a new format.
GLD broke down from an unimpressive short term uptrend (low relative ‘up’ volume), keeping the long anticipated support zone in play. That support zone is quite important. GLD is neutral-bearish, but with a potentially bullish pattern.
HUI has clearly broken down from the bear flag. As noted previously, these breakdowns usually see a decline below the start point, which was around 216.
Was that the bounce? If it was, my longs are not going to do well and will probably stop out shortly. But in the event that the bulls are just getting themselves together and will put on an upward grind this week (as in a bear flag), a would-be bull flag setup is shown below on bear fund SPXS.
For those interested in the Semiconductor sector (I know of a few subscribers who are) here is the update on four items we have gone over quite a bit in the last couple of months.
The Semiconductor index made a bearish pattern with today’s decline. If it loses the 10 year breakout line (right about at the blue 50 day MA’s), look out Mr. Market.
Updating the HUI symmetry plan, we see that this week’s candle is nearly perfect in its mirror image of the corresponding one from October. So all the miners need to do is finish out the week around current levels and our ‘picture analysis’ lives another week.
Key ETFs offer a technical snapshot each week, but are not comprehensive technical analysis.
GLD is right at the resistance we noted last week. The chart is neutral and would become positive with a rise above resistance (and the moving averages) and a MACD up trigger. Obviously, a failure here would put a bear signal on.
Well, our work of art kept to plan for another day. The two shaded candles are the corresponding candles of interest for this week.
Yesterday HUI did exactly what we asked it to do in order to remain normal to the current plan. It dropped into the 224’s, filled the gap and has not made a lower low to the last green arrow. So it remains in a baby uptrend. I would not get too concerned about reading a rising wedge into a 30 minute chart, but it is inserted regardless to again play Devil’s Advocate.
Well folks, it appears 34 pages were not enough and based on questions received from two subscribers, I thought I would do an add-on update to NFTRH 285.
[edit] Pardon the ads on these posts, but I have finally made the decision that public site readers can put up with some ads at the site, given the amount of information they get. I am not able to disable ads for private posts but as always, all premium updates will be delivered right to your inbox, add free.
The reversal in US markets is coming after a period of under performance by large tech stocks and the momentum darlings like YELP, FB, TSLA, and of course, my personal whipping boys, the 3D Printers.