I have allowed for the S&P 500 to rise to 2030 (bounce target: 2000-2030) before starting to even think about a revision of the ongoing intermediate bearish analysis. Today's post-Draghi…
Stock Markets
US stock markets probed a bit further into the resistance (and if current analysis is correct, topping) zone equivalent to SPX 2000-2030 yesterday, closing at a new recovery high.
We will cover the wider spectrum in the weekly reports, but here I want to boil it down to the US stock market and the gold sector and keep it simple, as we are currently managing opposing views in these two items.
S&P 500: Bearish but on a bounce, as anticipated.
Gold sector: Bullish and so far resisting taking any sort of substantial pullback.
SPX finally turned the resistance at 1947 (middle point of the ‘W’) to support and now proceeds on its way toward target (2000 +/-, expanded to 2030).
Using the ETFs, we find gold in the nose of what would normally be thought of as a bullish Triangle (continuation) pattern. However, we'll note here what NFTRH has been…
Stock Market SPX is back below the key short-term resistance line and the 50 day EMA and SMA. We are back on watch for the EMA 20 (orange dotted) as…
I was looking through some charts and when I saw the daily 30yr-5yr yield ratio it seemed familiar. Hmmm... Oh yeah, that's it! It looked a lot like a GLD…
In subscriber updates we noted that the middle of the 'W' was at 1947. That was the high that SPX would need to take out in order to keep the…
After noting 1947 as the key short-term resistance for SPX we find it right back there testing that level. This after a drop yesterday and hold above the EMA 20,…
From Monday's pre-market update... "Based on this morning’s futures, it looks like the stock market may try to convince us that it is done consolidating below the top of the…
Based on this morning's futures, it looks like the stock market may try to convince us that it is done consolidating below the top of the 'W' pattern and could…
It occurs to me that in public writing I tend to bludgeon people with macro fundamentals (like gold vs. positively correlated markets, yield relationships and even confidence in global policy…
As the market bounce and gold reaction proceed forward, it will pay to keep an eye on the macro theme that I think is more important than most others, gold's…
Wax On We should understand that the market is just doing what it does. I was beginning to wonder if they would be able to put the wax back on…
The futures are bouncing and this comes right from the literal last ditch technical point as shown in yesterday morning's update edits. There was literally no lower that the indexes…