Loading ...Today’s Charts that Made a Difference to Me
This is what I thought was going on and what I was trying to trade but the fact than no buyers were showing up when the S&P was rallying hard AND Gold was going up spoke volumes to me. Typically a nice risk/reward setup but something else extraordinary seems to be going on.
I’ve never seen action like this.
I’m looking for the 2nd drive down now on the HUI weekly:
Three drives down in progress I believe shown on the GDX daily:
Bigger picture JDST. I think touches to 20ema are great places to add. I’m still shocked we didn’t get one of those opps today!
I expected red circle to be massive resistance but now I suspect it may be new support since it sliced through it.
DUST defeated resistance today. I never bet on that happening but respect it and trade on it when it does.
So we had a engulfing bearish candle, followed by 2 black crows, and then “get out of my way no stopping me now candle”?
On the DUST 60 we have a small negative divergence on the RSI 5; so I would not be surprised to see a quick move down to shake out the bears (filling the gap) and continuing higher…OR the small ascending wedge pattern breaks up and out first thing in the AM…
was following gdx 1min charts and everything was failing. you’d get some nice patterns and then BAM – broken again. was really hoping the dollar would develop a screaming rally. so far, so good. i know shouldnt rely on correlation but here, just one more reason to pitch miners.
NICE CHARTS AND commentary Mark
Really excellent posting. I particularly appreciate you pointing out the three drives down pattern. It really adds some perspective to how things might play out in the days and weeks to come. Things don’t move in a straight line and yet there is often order to the disorder. My feeling is that the PM stocks are being influenced by a second factor now, that being the general stock market and not just the price of gold. The formula has another variable in it now. Too many moving parts.
My guess for tomorrow is a big jump up from a combination of lower gold and stock market fears. The way gold is going down in a nice, neat channel reminds me of oil when it was making its recent decline from the low 60s to the high 30s.