There is no excerpt because this is a protected post. Continue reading Protected: NFTRH+; weekly chart analysis of two US sectors and one global market
A bullish looking daily chart pattern appears… Also of note is that daily RSI has gone positive on all items, as has MACD on all but AAXJ. A key is for the pattern to hold the 50 day averages in each case. But a couple of them have nearby gaps below. Here is the pattern on the Emerging Markets fund, EEM. Here it is on … Continue reading A Pattern Shows Up in Multiple Places
The iShares EM fund is breaking out, when factoring in dividends (which this chart does). The implied, divy-adjusted target is 48. When backing out the divy, the chart is still constructive but not in breakout mode. The dividends are part of the value proposition and I give that more weight. EEM appears bullish for a trade at least. Obviously, a failure of the breakout above … Continue reading NFTRH+; A Global Play Making its Move
We wondered in a post this morning whether USD or some anti-USD markets were off base as all items were firm. Answer: Uncle Buck had stepped off sides and afoul of the Powell rate jawbone. While not a bull by any means beyond the bounce situation, I am long the 3 items in the lower panels. I was already long ACXW and AAXJ, and added … Continue reading Who Was Lying?
As you may know, I have been bearish the Emerging Markets due to the big picture monthly chart breakdown by the MSCI EM index and iShares ETF. But in pulling an EEM/SPY chart I found this bottomy looking thing…
I am not going to pretend to have played this well so far. I have not. Since identifying the bearish pattern on the weekly chart and a target zone to short at 36 I have played Keystone Kop in trying to trade it. I did re-take the position (using EEV) and it is profitable as of now. EEM is dropping below support and the SMA … Continue reading A Bearish Look at the EM’s Using Daily and Weekly Charts
I want to update the charts from the last two updates (GDX, XLE and SPX) and also have some words about the markets overall. GDX hit the first resistance level today. This is a point for profit takers to take at least some of their profits, for would-be buyers not to chase, for hedgers to hedge, etc. All the while, this is still technically a … Continue reading NFTRH Update; Gold Stocks, Energy, S&P 500, Emerging Markets & USD
Using SPY for the US market and EEM for general Emerging Markets, I’d like to illustrate what I think may be in play on the short-term.
SPY shot up to the equivalent of our first S&P 500 target around 1980. This was based on lateral resistance (not shown on the chart below) and a 50% Fib retrace. We also have an ultimate potential upside (corrective) target equivalent to SPX 2040. That is the thick red zone on the SPY chart below.
A snapshot of the current technical status of several key markets (a lot of charts today because macro changes seem to be in effect)…
GLD broke down from the Sym-Tri (strike 1), lost the June low (strike 2) and now would try to find support at the December low, equiv. to gold 1180. Over sold, prone to bounce but technically bearish below 120 and 123.
Gold stocks are down again today and it is now decision time (for the sector if not individuals). That is because the parameter is to not make and hold a new low to the May low on a closing basis. We noted that a bounce is possible and if it is going to happen it should happen around here, at the May low with a similar over sold RSI. Either that or it would be broken with a lower low (that does not reverse quickly).
A snapshot of current technicals for key markets…
GLD became very bearish with the breakdown from 124. A rise above 123 is needed to even begin to repair this chart.
A snapshot of the current technical status of key ETFs…
GLD filled gap, which now closes out the geopolitical hype and leaves gold on its own right at key support. Still not a constructive looking chart. A rise above the SMA 200 and then the 50 makes it constructive.
A snapshot of the current daily chart technical status of several ETFs…
GLD is bullish but in the equivalent resistance zone as noted for gold in NFTRH 296. MACD and RSI positive, with RSI close to over bought. Key support is at the MA 50 and 200.
Key ETF charts are a snapshot to current technicals, not comprehensive technical analysis.
GLD bumped above the lower end of resistance yesterday and is support for any continuing S/T rally activity. The big test is in the 123 to 125 area and the nose of the former Symmetrical Triangle.