Broad Markets As I've already posted extensive analysis on the equity markets as well as various commodities, sectors & precious metals over the past week I figured that I'd keep it simple & share what I'm most focused on with the stock market at this time. At the risk of over-simplifying something that is quite [...]
Analysis of the US stock market, various key sectors including gold & GDX.
The GDX (Gold Miners ETF) trade hit the second price target, T2 at 23.78, for a 5.4% gain shortly before the close yesterday. T3 remains the final target at this time although the charts of both gold & GDX continue to firm up. As such, longer-term traders might just opt to raise or trail stops [...]
Analysis of the US stock market via SPY, QQQ & IWM as well as the outlook for gold (GLD) and US treasury bonds (TLT).
GLD (Gold ETF) went on to break down below the 60-minute bearish rising wedge pattern posted yesterday with UUP (U.S. Dollar ETN) also breaking out above the bullish descending price channel. Hard to say where this pullback would end but I favor the reversal to come anywhere from the top to the bottom of the [...]
A breakdown below this 60-minute bearish rising wedge in GLD could bring it down to the 118.35 or 118ish level before the next leg higher. Should GLD break down below its 60-minute rising wedge pattern, it will almost certainly bring GDX down with it. Consider tightening stops or booking profits if you did not do [...]
I wanted to post a quick overview of the financial markets with the near to intermediate-term outlook for most of the major asset classes. Charts & detail commentary will follow on any actionable trading opportunities as well as the active trade ideas on the site. Starting with the US equity markets, despite the market's near-term [...]