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I could write a long, detailed post trying to encompass global stock markets (generally bearish), commodities (bounce very mature) and bonds (mixed views, depending upon the flavor) but that is what I get paid to do each weekend in NFTRH reports and in private posts at the site. The beauty of public posts is that I can write as much or as little as I feel like writing. Today I feel like writing a little about gold (and silver) and the stock market. I also feel like using daily charts because I think time frames are pinching in for upcoming pivotal moves.
Gold is in a rather orderly Handle to a short-term Cup & Handle. Personally, I think gold and the precious metals complex need a correction because [insert CoT, Sentiment and over bought reasoning here]… But the chart thinks otherwise. If the Handle breaks upward and gold exceeds 1300, the measured target is to around 1370. It if goes the other way, watch for support beginning at the October high of 1191 down to 1180, figuring for wiggle room.
Yesterday’s tape meandered between boring and frustrating, but the bears are still doing lower highs and lows, and SPX is still well below the daily middle band, and there are still great looking setups to go lower on SPX, RUT and NDX. The most likely next big move on SPX is still that move down to 1960-70 support.
The ES monthly pivot at 2063.8 (2068/9 SPX) is now looking converted to decent resistance, and bears now need to do the same with the ES weekly pivot at 2053.4 (2058/9 SPX), and then break through the SPX 50dma at 2055 that has held this decline so far, and then do a conviction break below the H&S neckline, currently in the 2042 area.
With all the transgender/bathroom/safe space discussion going on, I was curious to know if South Park had anything to offer us about Caitlyn Jenner. I was not disappointed. (This is NSFW, in case anyone is blinkered enough to actually need to be told that).