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Thursday Technical Video, charts of interest- Gold breaking support

Thursday Technical Webinar-  15-20 min.  S&P.. XLF, XLI, Bonds, Breadth

https://www.youtube.com/watch?v=j9Qb4M6pMNc&feature=youtu.be

 

Stocks losing some steam in the last hour..but only if this RED SUPPORT TRENDLINE is broken would this end up like yesterday

Though back to back days down into the close would definitely tilt the odds towards a selloff and decline tomorrow into early October

Overall.  OVER 2936- yest lows would be POSITIVE for stocks into early next week-  while UNDER 2900 tilts trend negative and specifically under 2883 as has been discussed.

 

Breadth is flat which is disappointing for the Bulls again.. and Transports, IWM lagging badly. Both flat..   Telecom and Utilities gaining the most ground today..

Financials negative again.. Materials down and industrials just barely positive.

Tech has to be commended for showing strength.  Still difficult to be short Tech. its slowdown thus far has not resulted in any major pullback and FANG is on the comeback in the short run and has outperformed lately

 

For now.  2932-6 important on the upside..   while 2902-7 on the downside-  See below

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The US Dollar has picked up steam over the last few hours which was somewhat unexpected given that many signs pointed to the Dollar having broken down last week

And now rallying back-  For now, the next couple days look important as resistance.. and one could contemplate

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For now. Gold being hit hard on Dollar upswing.  And looks to pullback further near-term -  Gold still difficult to own as Dollar moves higher and yields have been pretty persistently strong 

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For any with an interest in crypto-  We are seeing meaningful moves today in both Bitcoin cash and Litecoin.  Minor breakouts.  

These have failed in the past.  But this now marks the 3rd test of this trend and minor breakout for BCH- and weekly momentum is converging quickly to the signal line in MACD.. i.e. close to turning this trend positive.

Given the history of Nov/Dec being quite positive.  It’s worth paying attention again at a minimum.

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