Click here for a live, and updated chart!!!The SPX is hung up on support coming from the green minor median channel line, so far this morning there is not the follow-thru that the bears need, and if the SPX does not start impulsing down then odds are much higher for the bulls making new highs because this sell-off becomes a short-term correction.
The big story this morning is the Dollar and Precious medals, the Buck is up to $80.63, a 1.13% move to the upside, while Gold and Silver continue their sell-off, Gold down another $10 and close to making lower lows, while Silver is taking a bigger hit, down over 2% today with a intra-day low of $28.58 for a total of 8.61% or $2.695 down from the highs Monday. 8.61% over a two day period is a monster move for Silver. This move down also looks like a classic impulsive wave with more downside to come.
It's Not Too Late to "Winterize" Your Portfolio
Always appreciate your posts. Yeah, the dollar is up and long term bonds & gold are down. What's your short term view on oil & uranium?
ReplyDeleteThanks!
Jordan
Oil 86-92 dollar trading range, waiting for a break-out to determine longer term direction, I do not have any charts, or have I followed Uranium.
ReplyDeleteI am expecting Oil to head down to 86 before testing 92, if it breaks below 86, then lower lows
ReplyDelete