This post means absolutely nothing other than to note that the May gaps have filled on GLD and SLV. This after the CoT's degraded, with silver's CoT looking deplorable as…
NFTRH has been noting throughout the gold sector rally that it was bulling with what was an expected 'inflation trade' bounce along with other 'anti-USD' stuff, namely commodities. This is…
It is too early to call it a confirmed breakout, but the Bank index has popped above cyclical bull market highs. Weekly MACD and RSI both look good. The monthly…
It is more important than usual to be fine tuned on exactly why the gold sector, rising as it is with the general 'anti-USD' trade, is different. We go into…
There are many more details and indicators that inform well balanced ongoing analysis, but the three scenarios below are the general options before us. Excerpted from this week's edition of…
Here is a weird looking CoT this week. Gold improves and silver degrades. Therefore by this measure I like gold better than silver. But then, that applies anyway. I don't…
In an update earlier in the week we noted that the preferred scenario of a USD correction might morph into a bullish consolidation in the form of an imperfectly formed Symmetrical Triangle.
Well, today Uncle Buck is dropping below the lower line and making a signal that our initial target of 94 (+/-), with its combo of a trend line and support cluster, is a good one.
A few relevant charts to the still-bouncing gold sector... HUI-Gold ratio holds above the SMA and EMA 50's. The 10yr-2yr spread is above the MA 50's. Gold vs. Stock Market…
Stock Markets
Interesting developments in the markets this morning. Apparently momentum-fueled markets are getting knocked down by some hype from China pertaining to authorities allowing shorting of Chinese stocks. That is not fundamental to anything, but it is a shot across the bow to over confident bullish momentum players the world over. In true momo fashion, they are knee jerk selling in response.
After noting some new positive points and lingering negatives, the Precious Metals segment of NFTRH 337 ended with this…
“But the bottom line is that the precious metals are still only on a technical bounce and the CoT is giving a caution signal. We should respect both of these conditions until they are cleared. We’ll continue to update of course.”
Here is the Bank index, still holding support. While it looks like it could be making an extended top, the BKX is still above the first support level. Pigs and…
Well, I just wrote 42 pages. I'm spent, so no big promo. I am personally enjoying the market for what it gives and having a good year so far. In…
S&P 500
Per the simplified big picture daily, weekly and monthly charts of SPX first introduced 6 weeks ago in NFTRH 329, we have been managing potential downside targets of 2000 and 1900.
If SPX were to hit either of these targets it would not kill the bull market, especially if 2000 holds. In that case it would be a normal, moderate and healthy correction.
The bounce has materialized, as anticipated. This almost had to happen given the vastly improved CoT structure for gold, the over sold levels of the stocks and the “puke” sentiment noted a couple weeks ago.
The first target on HUI is 180 (+/-). What we have going on there is a gap to be filled and a resistance area that has very clearly held support and provided resistance for the last 6 months.
