If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

Up 10/2/20

Up 8/21/20

Up 10/9/20

Sub-Intermediate

Up 11/10/20

Up 11/4/20

Up 11/9/20

Short term

? 11/18/20

Up 11/5/20

? 11/18/20


Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

Thursday, June 20, 2013

GLD and GDX 6/20

Interesting day in the precious medal complex after the FED meeting.  Here is the daily GLD chart.


GLD has been forming a descending triangle.  This is a commonly continuation pattern in a down trend.  GLD ended the day right near the lower line.  Is it going to break or bounce?  I can't really see anything that makes me think this pattern is a bottom.  It could bounce from here, but I would not get bullish on GLD longer term until we break the upper trend line.

Lets take a look at the GDX daily chart.


GDX is testing it recent low.  Will it hold or break down?  GDX had some big green volume bars like it was trying to bottom.  This looks like a better attempt at a bottom then GLD, but is it enough.

Both these charts are at key price levels.  Should they reverse here they would have triple bottoms.  However, I don't see any clear sign that is the higher odds play at the moment.  Gold broke down before the global government bond sell off picked up steam.  Another break down in gold could fan the deflation scare flames.  That could increase volatility across all markets.  Time to pay attention to see what happens.

Bob

No comments:

Important

The information in this blog is provided for educational purposes only and is not to be construed as investment advice.