S&P about to break through 200 ema??
Indicators in good shape for the SPY (S&P500) Accumulation / Distribution is in a rising bottom formation and is positively divergent to price...Like to see this type of set up. Jay Gallemore's daily trend indicator is rather high, and I'd expect an early rally in keeping with the overnight futures to represent a short term profit taking high. 27.20 on the QQQ would about do it for me.
stockcharts.com[h,a]dbcayiay[dd][pb40!c200!f][vc60][iut!Uf!Ul14!Ub14!Le12,26,9!Lp14,3,3!Ll14!Ld20!Lya7,14,28]&pref=G
Ok, Ok get this around to Precious and Base Metal Investing or be banned to another board......
Happened to catch Chris Locke from Amsterdam on CNBC. He uses waves, Ghann, cycles, everything in his work. It has been a while since I have seen him. Do know he's been correctly bearish on the overall markets..... He pretty accurately picked the highs in GOLD, also, when most of us were looking for a continuation of the strong trend rather than a correction about all the way down to where it started.
Sorry to report Chris is not bullish on GOLD....His words: "$310 - $305 to be tested soon." That area represents a 61.8 Fib retrace point. After that wash out is complete, a rally, a basing out there back and forth pattern in a slightly rising formation unfolds over an elongated period of time with price not getting back above $336 for any significant period, and a retest low in August....Read this as down to sideways until late this year at best. Ouch!!..
By the way he thinks the current stock market rally does have only a bit further to go - about 920 on the S&P....Then the downtrend will re-exert itself.
Gloomy….maybe it was raining in Amsterdam. |
