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Further to my post of June 29, the jaw of the William’s Alligator has shut and two of the three moving averages (each offset into the future) have re-crossed and turned up, as shown on the following SPX daily chart.
As well, the Awesome Oscillator has flipped above the zero level.
Both of these are hinting that further buying may be in store…I’d need to see the third moving average turn up to confirm potential strength.
However, the Balance of Power is still with the sellers, albeit somewhat tepid, so, unless we see this flip to the buyers on this timeframe, we may be in for a bit more weakness before we see sustained buying resume.
The pace of new features is getting a bit silly. But, thanks to the marvelous support of all our beloved premium members, we are in a position to develop swiftly. If you aren’t a premium member yet, please join! The latest addition to SlopeCharts is……….sine waves!
The sine wave drawn object in SlopeCharts, similar to the cycle lines, allows you to suggest where sinusoidal patterns exist on a chart. These are admittedly not easy to find, since no market would simply bob up and down in a steady, never-ending fashion (if it did, everyone could make a fortune with no risk). However, cycles do exist, in crude form, and the sine wave tool can be a helpful way to unveil them.
To use this tool, choose it from the drawn object icons palette:
Gold stocks have led the market for a year, and with economic deceleration and Fed policy response that leadership looks to continue [note: Friday’s ‘in the bag’ bounce-back Jobs report does little to alter the economic deceleration theme]
We have been on a bullish gold mining view for over a year now. Over that time there have been three interruptions, the downward-biased consolidation from August to November 2019, the flash crash (and very constructive gap filling mission) in March and most recently the pullback that logically began in May as broad stock market relief started to fan out to more and more momentum chasers who’d finally gotten the hint that the Fed means to devalue the US currency (in competition to a degree with its global counterparts seeking to do the same), making cash a non-viable investment position (other than for risk management to the bullish asset market atmosphere).