Analysis of the US stock market, various key sectors including gold & GDX.
Member @jim requested an update on IWM (Russell 2000 Index tracking ETF) which has played a very impressive game of catch-up to the other major US stock indices over the last two sessions following a very sharp period of underperformance. I don't see anything that stands out on the 60-minute chart other than the impressive [...]
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 [...]
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 [...]
After a sharp drop in the first hour of trading, QQQ & SPY have experienced snap-back rallies into resistance with the MACD signal line recently crossing into bearish territory (short-term trend) for the first time in over a month. Note how well the MACD signal line/9-ema has defined the short-term trend as bullish or bearish [...]
UUP (US Dollar Index ETN) is moving higher after a second consecutive divergent low on this 60-minute time frame & appears quite likely to hit any or all of the resistance levels in this shaded area. If so, that will continue to put downward pressure on gold in the near-term. UUP 60-min May 8th [...]