Weekly wrap and preview - SPX USOIL GOLD and SIlver
A move up to 4375 area is likely in the morning to test the channel. I expect a failure but if they get over 4380 they will likely fill the gap at 4404 on spx cash. Us oil needs to get over 88 convincingly to be a solid long, right now it's just chopping around confusing both sides. Gold and SIlver both broke down and now are retesting structural resistance, it's a short opportunity but it doesn't mean it will work. On a monthly chart both could be seen as a false breakdown.
Good luck!
Good luck!
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Almost there, probably pop it at open.
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target area reached, may go a bit higher,
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good entry, see if it works....
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We're at strong support, I think they'll try to save it a bit here, but it also looks like a head and shoulders top with a target at 4250 area.
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any test up to 4340 is a good area to reenter short
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so far it's doing what I expected, however if they start getting over 4350 there's something wrong with the idea. I'm done for today - see you next week!
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right now this is looking like an A wave (ABC) If it's correct, tomorrow should gap down but by Tuesday the move down should be over. Target for me is still 4260 -50 area.
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Gold still feels like it may pullback here. I notice everyone is very bullish on it, but I'm not sure about it just yet. RSI is quite overbought already....
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spx probably in a B wave. a move up before the bigger move down looks likely right now
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target area reached for B wave - if that's what it is. A little higher maybe.
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USOIL might have one more high still, 88 certainly important.
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This still looks correct, I will update if anything changes. One more stab up still possible above 4360 but it doesn't have to.
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IWM and DJT both strong (sometimes a leading indicator) any move down today into tomorrow (if it happens) is likely a short term bottom.
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4360 stabbed through -an ideal short entry here with tight stop.
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analysis for the B wave looks wrong now, so another touch of the channel is likely. They will try to fill the gap on SPX I think.
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we're at a resistance here - not sure if it will drop from here or not .
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tech also at resistance, I think we're at a decision point for the day
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we're stalling at the levels I pointed out, but I have no idea if that's a top for the day. RSI could go either way and so could price.
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still could be this - be cautious.
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that's bullish, probably into close -
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good morning, no push up so right now I think they may be doing what they did the last two times before the bigger sell off - create the illusion we are going higher. Each previous peak in this downtrend had a retracement which almost broke the highs. Each time it failed. Will this be the third time? I think it's possible. Retail sales at 830.
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SOXX retested it's channel yesterday in a sort of bear flag formation - target for the flag is 418 if it's correct.
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If I'm right and we're going to sell off today, a kickback to 4370 could happen first - that would be an ideal shorting area (with a tight stop. Good luck, I'm out for the day....
