TVC:SPX went below February highs and broke down key support levels.
If megaphone is indeed playing out, we are just at the very beginning of the move down.
"Buying the dip" might lead to some very negative surprises at the moment, so extra caution is required.
Consolidation in OANDA:XAUUSD is taking more than a month now, with price range getting more narrower and narrower.
Usually such price action precedes major trends and big question remaining is only in which direction resolution happens.
We should get the answer very soon
Long consolidation and several false breakouts, but in the end trend remains intact in OANDA:XAUUSD , as it is now trying to push to new ATH.
Unless ~1900$ is broken upside scenarios should be favored for now.
Key time for OANDA:XAUUSD and GC1! , as gold continues to consolidate inside the triangle.
Breakout above resistance at ~1970 would indicate strong possibility of trend continuation and new ATH.
However, if support levels are not held, risk of much stronger and deeper pullback to at least ~1700$ is likely to be starting
Somewhat similiar logic can be...
With new ATH in TVC:SPX and AMEX:SPY , it is worth to remember that since 2018 such highs are later followed by new lows inside the broadening pattern.
In fact, with current state of macro and fundamentals, new lows (price going ~40% lower!!!) would not be so surprising, and if history is a guide it can happen fast as well. Therefore, buyer beware!
NYSE:CDE is one of the most volatile ideas in the gold mining space. So if enetered correctly it offers relatively quick and attractive rewards.
Currently idea is retesting major support level, through which it broken up in early November. And if uptrend is to continue in this miner, should not go much lower than current spot.
I am entering with idea to hold it...
S&P futures reached major support area, which definetely needs to hold now for possibility of another ATH in 2020
Otherwise, if price is going below 3000, equity markets are in major trouble and we are likely entering phase of major bear markets and economic recession, last seen during 07-08 period.
Therefore, long ideas should be attempted with major caution...
Discussed that NYSE:IAG may have bottomed two weeks ago. And price action in last two days on very heavy volume supports the fact that it really did.
Now it is approaching resistance zone and neckline of inverse H&S. Might rest for a while, but when resistance is cleared, nothing should stop the rally later on.
For the last 6 months NASDAQ:GOGO is consolidating in what appears to be bullish flag.
Right now price is close to multiple support levels, and with healthy MACD divergence, reasonable to expect potential bottom around current area soon enough. Thus long entry might be attempted.
NASDAQ:RGLD is one of the leading stocks in gold mining industry. It started major rally earlier than majority of other miners last spring. And was one of the first stocks to caution that pullback is likely in AMEX:GDX in January 2020.
Right now it sits right near major support level, and in bullish scenario this is constructive level from which new leg higher...
NASDAQ:BBBY price is destroyed this morning, based on some ugly sales numbers for the chain.
However, stock was more than punished for all the problems in recent years. So key question is whether future turnaround would be succesful?
If it is, now might be actually good time to buy, and technical picture potentially supports it. If inverted H&S would be...
Few weeks ago I mentioned that NYSE:IAG is in good area to make a bottom, and based on recent price action, good odds that bottom is already in (for bullish case to be valid).
Major potential inverted H&S in the making and should not really go below 2.70$, where I am also placing my stop
Week ago discussed that NYSE:AKS looks promising for low risk entry as it touched various support lines. Today, it appears that stock is breaking out of its bullish flag or "handle" in what appears to be cup&handle formation.
Do not expect strong rally immediately, but should continue working higher in the upcoming weeks