Adding small to my initial position of 31.67. I think gold will be making quite the run here in the future, the charts support it. Also looking at many other companies once they come down into value for a good buy. Entered 33.57
Beware of the seemingly lowest jobless claims report pointing to a strong economy. The economy is not a math equation with a definitive answer. Is it possible jobless claims are so low because people are being forced back into the work force simply because they cant afford being jobless? Remember the new jobs report just doubled expectations yet unemployment...
Pretty interesting channel, when S&P wasnt trading within this channel it was an instant free-fall in 2008. When it crossed above the mid channel it drove into a sharp rally to our recent highs. It just bounced off the mid channel confirming its support, massive bearish divergences on all indicators. Level i'm looking at is right around 2700 resistance level....
Historically a bounce from this level on the FI has been followed with a little run upside.
Looks like a lot of stops got hit bringing it slightly below the EMA before stalling both on the 4HR and Daily.
Weak hands are out.
Entry at 135.05