Yesterday’s (Tuesday) equity trading seemed like we’re back in the land of flushes up and down while the laggard indexes catch up.
Silver and gold still seem weak. Gold hit a minor support level and didn’t care. Silver hit the daily 20 period ema and doesn’t seem to care either. Other metals are also in major pullback mode.
Commentary
- GC: Oversold but “feels” weak.
- SI: Hit the daily EMA and I suspect it doesn’t care.
- HG: Seems to be respecting resistance while overbought. Might be good to try to short this.
- ZB: The first red bar on the dailies in a long time. But feels week after slicing through some support levels.
- ZC: Short if it hits 371 today.
- ZW: Buy flushes.
- LC: 5 SMA Sale.
- CL: Buy major flushes – currently at minor resistance after breaking out of big daily triangle.
- NG: Short term top after a major run. Buy a deep flush for a scalp.
- HO: Short term top ?
- EMD: Currently seems to be playing catch-up with the bigger caps.
- ES/NQ/etc: Whipsaw mode.
- EC: Bear-flag and 3 day triangle breakout mode.
- NE1: Breakout mode
- DX: Breakout mode
- PL: Sideways line – watch for breakout.
- RU: Short below Tuesday’s low.
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