It loks like the Euro bounce ( a normal bounce within a downtrend) may be reversing now. The 1 min charts of SPY, DIA and QQQQ have all deteriorated since the last update. The 5 min DIA is showing a negative divergence that is approaching a possible leading negative divergence so it's not looking god there. The SPY 5 min is still a little ahead of confirmation, I'd expect we may see that continue as the index is heavily loaded with financials and the last XLF update was looking short term bullish. The 5 min QQQQ is better then in line ( a little more bullish, but it is starting to chatter sideways).
There is one very recent and so far short term negative turn down in XLF's 1 min chart, the 5 min looks the same. If that 1 min chart were to start to trend down lower, then the 5 min positive chart may be in trouble. Thus far FAZ is in confirmation with the bullish outlook I posted in the last update of XLF.
There's not much change in GLD, but SLV is continuing to deteriorate in the short term 1-5 min charts.
5 years ago
4 comments:
Brandt, quick update going into the close. Looks like Brian Sachs doesn't want this to close red.
Looks like most of the averages are hitting their headed against the Bollinger central line.
Pink, did you see the latest update on Zerohedge for silver wholesale supplies.
http://www.zerohedge.com/article/silver-shortages-accelerate-wholesale-supplies-plunge-kriegerkesier-1-jp-morgan-0
Jack,
Yes, i did thanks.
I got my physical when it was around $17 an ounce.
Just wish 3C/Brandt hadn't told me that silver was looking 'bad' when in wanted to buy more at $20!
Another day where 3C says the DOW is going down into the close, but the markets nearly close green (and are now in fact green with the after hours pump up)...
... i really can't trust 3C enough to act on it.
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