dinsdag 20 juni 2017

Tuesday Market Observations

# The SPX finished an EW a-b-c correction early Thursday in our 6/15-6/16 turn window and we reversed higher Monday to new all-time highs in our 6/19-6/20 turn window. Financial stocks were very strong on Monday and the SPX tested our long held SPX 2450 target. We are still expecting a June-July/aug correction. The market continues to climb a wall of worry...


# Gold is giving us a 5th wave down under the Thursday low. We have a symmetry target at $1234. The GDX/GLD ratio is turning up and argues for a trading low soon, but a spike down to a hard test of the 5/9 low ($1214 - 1220) is a possibility.
# Silver gave us a 5th wave down below last week's low and we may see a test of the 5/9 low.
# For Oil the XLE gave us an EW 5-wave rally from last week's low and is working on an EW a-b-c correction that may need another leg down into Tuesday.
# Bonds remained resilient despite new highs in the SPX.
# The USD rallied Monday and pressured commodities (gold and crude oil) lower. The USD may be ending an EW a-b-c correction on the hourly chart. This could just be an EW a-b-c bounce....

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