Not only are these two levels (120.28 & 119.16) decent price support, they are also the 50 &61.8% Fibonacci retracements of the most recent rally in GLD. Should 120.25 go, GLD will likely continue down to at least the 119.15 area/61.8% Fib (60-minute chart): GLD 60-minute June 23rd The bigger picture for gold [...]
The last time I recall so much incessant chatter & focus on a potential market moving event would have to be the Grexit fears a few years back with the big difference being that those worries (of potential fallout from a Greek exit of the Eurozone) was that the markets had priced in a good [...]
In response to the erratic, back & forth price action in the markets & most sectors over the last two months, I posted the following reply to a comment on how difficult it has been to make money lately with so many nice chart patterns that just don't seem to be playing out, including the [...]
AKS looks to once again offer an objective short entry following the break of this most recent uptrend line. Unofficial trade idea for now although it might be added as an official short trade with targets & suggested stops next week after the Brexit distraction has passed. Props to member @freezer for highlighting AKS in [...]
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As a follow-up to Friday's Bond Market Poised for Correction: Prices Down, Rates Up post, there are a couple of notable technical developments in the fixed income markets today, such as the backtest in JNK, a sharp drop in treasury prices following the divergent high & the breakdown below trendline support in municipal bonds. [...]
The 11.84 level has been a key support/resistance level posted on my 60-minute charts since the first day of the month. Further validation of that level has come so far today as USO has struggled at that level all day so far. USO just took out 11.84 with a 1-minute stick close above (as I [...]