The second week of the breakout caused little damage to the SPX. In fact, the daily is forming a little base here. Long is still the trend for now. Action early in the week should indicate if the bulls need a breather yet. A pullback to around 920 SPX would be healthy for the horned beasts, but I’ll wait for some selling here before predicting that one.
Gold stocks and the XAU bounced as I thought they might. The weekly channel is still intact there, and the XAU back above it’s 50dma. Blue sky over 153 on the daily. I like AEM as a trader in the sector.
The SOX could slow down here at a major resistance line. It’s broken through, but the verdict is still undecided if it holds or not.
The 60-minute charts of the Direxion 3x Technolgy ETFs are indicating a change in trend, so the SOX may stall. I almost bought some inverse TYP for the weekend hold, but will see what Monday brings. Note the failed breakout in TYH, and change in trend.
XOI is at it’s 50 ma on the weekly here. Maybe this commodity will stall.
