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SPY & QQQ Fail on Backtest of Resistance

SPY reversed right on cue (intersecting trendline + horizontal resistance) yesterday & has likely started the next wave of selling which should take out the recent lows soon. Previous & updated 30-minute charts: QQQ rejected at yesterday's backtest of resistance (red line) following a relatively minor & fleeting reaction after the impulsive thrust [...]

Apr 12, 2017 12:09pm|Categories: Equity Market Analysis|Tags: , , , |0 Comments

Breakout In Treasury Bonds Likely To Kick-off Stock Market Correction

A breakout above this downtrend line/basing pattern in TLT (Long-term Treasury Bond ETF) should spark a rally in treasury bonds & is very likely to roughly coincide with the beginning of a sell-off in the stock market. Hard to say if that breakout in TLT will come very soon as TLT is somewhat stretched on [...]

GLD & GDX Analysis

Member @dpatel asked for my thoughts on GDX in the trading room. Typically, when I go "quiet" on a major asset class, such as gold & the miners, I don't have much of an opinion or good read on the charts. I've also stated that in recent weeks with the last update on GLD & [...]

Apr 12, 2017 10:12am|Categories: Gold & Commodities|Tags: , , , |1 Comment