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Gold has been somewhat puzzling since the July 14 drop, but I think I’ve teased out an intermediate-term ascending channel. Simply stated, gold needs to stay above its recent lows to keep this important channel intact for those of us bullish on precious metals. (NOTE: I wrote this post last night, long before gold’s outstanding pop today, so, errr, take that into account).
Exports, Imports, and Balance: What International Trade Tells Investors About The U.S. Economy
At 8:30 EST/12:30 GMT The Bureau of Economic Analysis released their monthly report on U.S. exports, imports, and balance of goods and services for June 2014.
The BEA economic report release calendar is here:
http://www.bea.gov/newsreleases/news_release_sort_international.htm
Goto the “U.S. International Trade in Goods and Services, June 2014” here:
http://www.bea.gov/newsreleases/international/trade/2014/trad0614.htm
Back when the RSX was at about $27, I pointed out on my TastyTrade segment how alluring that descending trendline was with respect to the Russian equity ETF symbol RSX. The price seemed to have a lot of respect for that line and, sure enough, the stock has been slipping lower ever since. It seems a trip down to about $21-$22 (recent support) seems altogether possible although, frankly, the triangle pattern formed by these two lines clearly shows a failure of the aforementioned support would turn the Russian equity market into a giant vat of spoiled borscht.
I identified the rally pattern from Friday as a 70% bearish rising megaphone after the AM low yesterday and posted that on twitter. Hopefully everyone caught that. After the megaphone broke down in the afternoon there was a swift move to make the full SPX double top target at 1914, and to test the weekly middle band, also at 1914, and the 100 DMA at 1912. That is a strong support area and it held yesterday in trading hours, though given the weak overnight action it could break at the open today. SPX weekly chart: (more…)
