There were some positive signs for gold last week and they are coming at just the right time.
Speaks for itself. 5 day cycle projection is 3365. The conventional measured move target of the inverse head and shoulders breakout is 3425-30
Or is it?
Click to engorge.
The hourly oscillators certainly suggest so. It’s a quite bullish pattern. To confirm, the ES fucutures need to clear 3335. That would break the last peak, and the downtrend channel.
The conventional me…
We’ve had two working theses over the past few months. One is that the Fed is no longer pumping enough cash into dealer accounts to keep an endless bull trend going. Instead, at best, there’s only enough for rotation between stocks and bonds.
The second thesis was that because dealers are so leveraged, any fall in bond prices, reflected in an increase in bond yields, would mean big trouble for the markets.
The bears took control last week, crushing all the uptrend lines I had drawn on this chart. Now we have a well-defined downtrend. The market has also edged below several old long term and intermediate trendline extensions. If these aren’t immediately recrossed, the downside becomes wide open.
I woke up this morning to see the ES down over 60 points from yesterday’s close. I expressed my shock in a few posts at the end of yesterday’s thread.
had you been trading the futures from yesterday’s clothes through the overnight session and int…
If you are a trader or investor, you know the significance of this day.
I’m not sure, but I think I see signs that the US markets might gap down this morning. One can never be sure about these things, but my 53 years of watching markets virtually every day gives me an advantage. I can see the faintest suggestions of market…
As the trading range on gold tightens, there are some negative signs. I’m packing it in on most of the the mining picks for the time being.
The rebound from Friday’s carnage has stalled in the pre market, but indicators say, “Wait! There’s more!”
The ES fucutures need to clear 3408 to confirm that. If they roll over below that, bears could be in charge.
In any event, the worst do…