Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
In the same category

Short and Intermediate View of the Market

IMG Auteur
Published : November 28th, 2012
407 words - Reading time : 1 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
FOLLOW : Bear Market, Gold

 

 

 

 

The US indexes predictably rallied during the happy holiday week, with Friday putting a nice punctuation on the bullish proceedings. In fact, I caught myself looking at the TECL, NUGT and individual gold miner positions in my trading account with a big dumb smile on my face. Then I sold them all. Sidetracking for a moment, I have found that I need to get back to more active trading so I am going to further fund this account and ruthlessly trade this market in a discreet account for pure trading.


Back on the post's theme, the holiday volume was suspect to say the least. I have a preferred macro theme for the intermediate term however, and it is bullish for an extended rally pending a confirmation of, or more likely a cleaning out of last week's bullish enthusiasm.




However, for the intermediate bull theme to come about, the market probably needs to take a break first and do some consolidating or bottom testing to build a good rally platform. Otherwise it could be going on to double top city and a more bearish intermediate view.


Both SPX and NDX are at visual resistance zones after retracing 50% and 38% respectively of the sharp holiday rally. Upside limits are 1425 on SPX and 2670 on NDX. If they get above there then the immediate term analysis will probably degrade on a risk vs. reward basis. So Mr. Market, you are advised to take a dump soon and do some bottom testing or at least consolidate with a downward bias.


The lows from the end of May are the absolute parameter on a new bear market or lack thereof. Lose the May lows and these markets would be broken. Above them and the cyclical bull market lives on. So we want to see the leader, NDX not make a lower low to May. In fact, one signal we might look for is a higher low (to the early November low) by NDX while SPX potentially makes a lower one on any short-term correction that may whip up. This would be a positive divergence by a leader and a good bull signal.


The NDX failed (and remains below) the 200 day moving average, which I think moved some bears to call 'bull market over'. But the moving averages are trumped by lateral support, which held. Let's see how the short-term plays out, because it is important to the intermediate picture.



 

 

Companies Mentionned : Signal |
<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
41 Facts about Central Banks no ...
19 Decsamking73
I'm not sure that much was taught about the central banking system back when I was in school...25 + years ago. At least not the important parts.
Gold & Silver Market Morning
19 Decend
If you trade XAU/RUB and have bought XAU using RUB, you should have closed your position as he advised. Then you should have switched, buying gold ...
Muslim terrorism, the left and t...
19 DecFirebear1
All please understand this person was a Muslim,that was his believe! His character was that of a criminal as was shown by his action on the day and...
Napoleon vs. Cheney: "Interrogat...
18 Decwalmarde
Torture just put the moral line lower. Lets think about American exceptionalism. What we want ? we want to spread and defend that exceptio...
Napoleon vs. Cheney: "Interrogat...
18 Decwalmarde
Utilitarianism is bad philosphy. I'm also very disgust about torture. It will backfire in our face. We are now no better than ou...
Napoleon vs. Cheney: "Interrogat...
18 DecJosu O.5
I cannot overstate how important is that every american read this article. It's absolutely wonderful how you have summarized every aspect around to...
Muslim terrorism, the left and t...
18 Decend0
Does anyone still wonder why is Australia hotbed for second generation Muslim migrant radicalization? Does anyone still need an explanation on why ...
Gold & Silver Market Morning
17 Decsamking731
Gypsie, my take on what he's saying is on paper gold, not actual gold that you are holding in your hand. In that way, gold is gold, though Pandas ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.