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Further to my post of January 5, the following provides an update on price action as of today’s (Thursday’s) close.
The following monthly chart shows the SPX, GOLD and OIL in comparison format, as well as their respective high, low and today’s closing price for January, so far.
The instrument currently facing the “path of least resistance” is the SPX. It shot through prior near-term resistance (now support) of 3233 and continues to rally.
(more…)I’ll simply summarize and provide the major resistance and support levels for the SPX, GOLD and OIL shown on the following monthly charts and you can judge for yourselves whether strength or weakness is in the cards in the near term.
(more…)I’ve suggested on multiple occasions that the relatively obscure agricultural fund, symbol DBA, is a proxy of the China Trade Talks optimism or pessimism. Since it seems prospects aren’t exactly great, we’re selling off on the ags, even though equities don’t’seem to care at all.
To my way of thinking, one proxy for the whole China/US trade deal (or no deal) is the agricultural products fund, symbol DBA. It isn’t particularly heavily-traded, and it’s been in a steady grind-down for years.
