Gold has set new short term trading range parameters that would need to be broken to indicate the direction of the next trend.
The cycle screening measures were sufficiently strong today to continue to support the move in the market averages and to suggest its likely duration.
The market’s rally kept it in a V shaped rebound channel today. This report shows the levels it would need to break to end the meltup, and what the targets should be if it remains intact.
The headline, fictional, seasonally adjusted number for initial unemployment claims came in at 283,000, very close to the Wall Street conomist crowd consensus guess of 285,000. That was a non event. The actual, not seasonally finagled numbers, which the Wall Street captured media ignores, shows claims continuing at all time record levels on the basis of claims per…
Gold broke the short term uptrend yesterday and has followed through with more weakness this morning.
The market finally pulled back on Wednesday. A review of ETF sector charts shows that many of them pulled back from resistance, which leaves doubt whether the rally was a reaction rally or the start of something bigger on the upside. There is some evidence that suggests what it is.
The stock market now has set up parameters between which it will have all the suspense of an Alfred Hitchcock thriller. You know how those things end. Somebody gets killed.
A lot is riding on gold’s price action today. It was at a convergence of key lines of support and resistance. The mini smash this morning just broke a short term uptrend line. Recovery is still possible by the end of today, but if it does not happen, the effect on the short term trend…
Cycle screening measures screamed higher along with the market averages. The market is so thin and the move so strong will it even provide the luxury of allowing anyone in on a pullback or will bulls who have been frozen out, panic, driving the market up even faster?
The V shaped rebound actually accelerated today. The SPX cleared would-be lines of resistance with no pause whatsoever. What does that say about where the market might be headed?