vrijdag 23 juni 2017

Friday Market Observations

# Biotech and healthcare stocks rallied hard again and crude oil is trying to defend $42 horizontal support as we enter the New Moon Timing Window. The weak SPX close on Thursday argues for more decline on Friday which could take out Wednesday's low on the SPX (2428). Despite the strong moves in biotech and healthcare, the NDX may be just tracing out a sideways correction on the daily chart which could still need a C-Wave down to finish the correction from 6/9. We hit our SPX 2450 target on 6/19 and we're still expecting a June-July pullbac
# Gold touched $1241.7 early in Wednesday's session and continue to hold up into Thursday evening. This may just be a 4th wave may have ended bounce on the hourly into the 6/23 New Moon, but the GDX may have finished a bullish EW a-b-c-d-e triangle early Wednesday.
# Silver made an undercut low at $16.315 before rallying impulsively into Wednesday evening. We may be doing a 3-wave correction into the New Moon.
# Crude oil is trying to make a stand at the $42 level amidst great pessimism as we enter the 6/23 New Moon Timing Window. We are looking for a strong rebound / spike higher by early Monday.
# The USD continued its sell off from Tuesday and may have ended an EW a-b-c correction on the hourly chart on 6/19. Taking out the Thursday low (97.43) will confirm this....