This morning I expect the broader market to rally off short term support (in pink as always). What we saw was probably the little shakeout just mentioned in the previous sentence.
You'll notice I've updated the EW count to wave 4, and if that's correct, the market is likely going to continue to trade sideways - in a range. The jack-asses who don't have a chart to their name, like to call this, "the pause that refreshes"
$SPX 1 min chart
Key short term support is 2428. Resistance at 2436, and at the top of the range, around 2448.50. Pretty dull trading, which it typical in the summer, but as I suggested last week, in a dull market environment, you may be better off trading something a little more volatile... There's always a market somewhere.
The Russell 2000 held key support. If it breaks sell it. If it breaks out, buy it. I think there's a good chance we see another shakeout here, and in biotech.
$AMZN to rally off support at my pink line. This is a tell.
$SOX continues to lead tech higher. "The trend is your friend", but I wouldn't be caught chasing a wave 5. in an overbought market.
We caught a nice little reversal in Oil yesterday, and I'm expecting that to continue...
Miners look like they're trading into a powerful wave c/2, which is a suckers rally.
If miners continue to breakout, 212 becomes the target on the $HUI
I called this top on the $GDX, going into yesterdays close, but if miners continue to break out, look to the target on the $HUI.
$GDX took out my target precisely, 5 min before the close. Big question now: "has wave c concluded?"
Gold looks like it wants to breakout to a new recent high. If / when it does... 1297 becomes support.
Things could be worse; we could be trading the Canadian market, but Oil is likely going to lift $TSX
That's about all the time I got, and good thing I started this update early.
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