What a shock…. the market was up Monday….and again on Tuesday.
Like Marty Zweig always said….DON’T FIGHT THE TAPE.
Marty also said…DON’T FIGHT THE FED.
When the FED reduces rates by 1/2 point next Wednesday, that should be good for about a 150 point day for the S&P…….A liftoff toward 7000 by year end….and….
All the cuts by the FED this year will lead to an explosion for gold and Bitcoin.
Be ready.

Gold continues to run nearly vertically since breaking above that multi-month trading range & will that is unsustainable & could end any day now, the most likely catalyst in the near-future is the FOMC announcement next Wed (Sept 17th), as that has potential to either spike or sink the $US Dollar (the latter being net bearish for gold, the former net bullish).

@rsotc any thoughts on gold? today’s price action is right at the edge of a parabola. I know we have some news Thursday, but isn’t it about time for a breather in the run up?

YW & thank you for pointing out that it wasn’t inserted into the original post.

Regarding the broad market, Friday’s breakdown/sell signal on XLF (financials, 2nd largest SPX sector) is still intact with downside follow-thru, so far today.

Also, XLV (health care, 3rd largest SPX sector) continues to stall out on a backtest of the 200-day EMA with the 200-day SMA just above.

XLK (largest SPX sector) still needs to solidly break below the 256 support to open the door to a real selloff.

thanks

My bad, forgot to upload it (although I hadn’t taken a screenshot, nor intended to upload the UNG or /NG chart). Here’s the QQQ 60m screenshot from earlier today & I’ll also insert it into the post above. It has since moved back down a bit.