Back to back reversal trend days which we haven’t seen in a while, and NQ has now made the new ATH that Stan and I were looking for. My video was moved from premarket to just before midday this morning, as a big Windows 10 update took my media computer hostage for several hours and I had to wait for that to finish. Here is the section on ES, SPX, NQ and TF. Intraday Video – Update on ES, NQ and TF:
Surprisingly interesting action on SPX/ES today and the possible 2017 highs on SPX and NDX that Stan and I are looking for in the next three or four days may already be in. Intraday Video – Update on ES, NQ and TF:
Looking at the shorter term charts there are some signs that we might see a retracement, though with Fed tomorrow any retracement may need to wait until then. There is a possible case for NQ to backtest the weekly pivot at 6344. Intraday Video – Update on ES, NQ and TF:
Dear SoH, let me know if the Amigos shtick is getting old. I am completely into it, but realize I can have all the subtlety of a sledgehammer sometimes.
Amigo 1: Stock Market vs. Gold (more…)
A modest storm by US standards is passing over the UK. We have enough snow for a modest selection of snowballs, and I’m planning a quiet weekend in, relaxing while doing no more than an absolute maximum of seventy charts and three videos before Monday. I might light a nice coal fire if the snow lasts.
Intraday Video – Update on ES, NQ & TF:
I am not trying to be a wise guy with the first half of the title (it’s a goof on alarmist media), but if you were not bear biased or outright bearish on the gold sector’s daily and weekly technicals, and its macro and sector fundamentals by now all you have left are the alarmist headlines now telling us about H&S breakdowns, HUI/Gold ratio bearishness and whatever else is going on out there in media large and small to scare the lowly gold bug.
As noted in an NFTRH update last night…
It’s hard to feel bullish now and that is the point of markets. Sometimes you have to do what is hard. Let’s remember that we’d planned for the sector to bottom out in December or January all along and it is only dutifully working to that script. The time for caution was back when HUI topped out at 220, and extreme caution when it lost key support at 195-200. Now the sector is on a plunge that could be the final act of this correction. Either be thinking brave or be sidelines (or both, laying in wait).