Potential relief rally in Small Caps - watching yearly pivots
Respecting weekly pivots. R1 potential target 7080
YM is respecting weekly pivots. Rallied from W pivot Sunday morning. Correction: those are weekly
Much better and different to AUS200 which is supposed to be a close facsimile of the XJO. It's not. The price action is way different - and not so nice to analyse. XJO shown here shows where supply may come in. The trend is showing signs of weakness with smaller high end closes. I don't predict - as no one can, but we are in an area where price may start to go...
Though bearish in the background, having already broken through support, gold has shown two springs to get going again. It has to break the next overhead resistance with good voume at around 1319, otherwise there is a danger that it could remain in the current trading range or fall through the second ice support.
Trying to spring on this 4 hour bar. Nearly 3 hours left. See how we go. With a bearish background, this is more likely to fail. Price action needs to break out of this range with good volume to call a change in trend. We are not there yet
Nice recovery after getting slammed. Huge selling volume prior to today's action. This was stopped in its tracks. A spring now appears on the chart. Expect upwards/sideways action from here.
Looking for a rally from this spring area after showing sign of strength (SOS) in volume (marked)
There was no downward follow through on the marked selling bar. Points to a possible rally for Monday
Although there was a large selling bar - marked - this was followed by stopping action. A rally could follow from the marked spring.
Update. Although there is a possible rally from the spring, there has been large selling in the recent past. If the spring fails, we are looking for more downward movement.