vrijdag 26 mei 2017

Friday Market Observations

# The SPX made another new closing high yesterday as the New Moon pulled the market higher into its exact phase around 3:30 EST. The stock markets have a seasonal bullish bias going into the Memorial Day weekend and early Friday may open strong.
# The GDX finished the Wave C of an EW a-b-c correction into noon Wednesday and then bounced impulsively. We may have seen an important trading low in the New Moon Timing Window. Taking out Wednesday's low will be bearish. Gold's test of $1300 on 4/22 put in a weekly high. Gold may have seen a major low on 5/9 but a retest is likely going into June. The USD is close to a yearly cycle low and that has held the PM sector up.
# Silver rallied impulsively into the 5/22-5/23 turn window (the 34-day Fibonacci step out from 4/17) and then just made a corrective 3-wave decline into pre-market Wednesday (New Moon Timing Window) before it bounced hard.
# Crude oil got slammed down hard yesterday on the New Moon.
# Bonds are holding up well as the SPX makes new all-time highs; this is bullish.
# The USD may have made a yearly cycle low on 5/22, but we have not yet seen a clear, impulsive move higher....