Sell signal on /GC gold still to come on a break below this 60-minute uptrend line, despite the recent ‘pre-central bank rate decisions’ whipsaw as the negative divergences persist.
GC 60m Feb 2nd
GDX offers another objective short add-on or new short entry here on this backtest of the rising wedge pattern & T3 (resistance) from the long-term trend trade. One could also wait for a solid break below the aforementioned uptrend line in gold futures & GLD before initiating or adding to a starter short position on the miners. Daily chart below.
GDX daily Feb 2nd
$VIX closed right on the uptrend line & still within the bullish falling wedge pattern with the positive divergences still intact with tonight’s big 3 tech earnings likely to determine which way this one break. A solid breakout & rally above the pattern would be bearish for the stock market with a solid break & continued move below the uptrend line bullish for the market.
VIX daily Feb 2nd
WEAT (wheat ETN), along with many of the other recently highlighted agricultural commodities, still offers an attractive R/R for swing & trend traders looking to position for the next leg up in the commodities bull market. Daily chart below.
WEAT daily Feb 2nd
Although I remain in ‘black out’ mode, abstaining from actively trading the indexes yesterday & today due to the big 3 tech earnings tonight (AAPL, AMZN, & GOOGL), I plan to do a video update on the equity markets before the close today & if I had to venture a guess, I think we’ll see a fairly hard fade of today & yesterday’s post-FOMC rally as nervous longs take profits before the close in front of the big earnings reports tonight.