SPX Turns Whilst Gold GLD ETF Burns the Buy-the-Dippers
Stock-Markets / Financial Markets 2013 Jun 27, 2013 - 05:40 PM GMT
SPX had the pop-n-drop, as suggested. It stopped at the final double resistance area as well. Something needs to jolt investors out of their reverie, since the outlook is overwhelmingly bullish. I don’t expect equities to linger at their highs.
You can observe the large volume bar at the close yesterday. We may see the same today. The preferred venue is to see rising selling volume the rest of the day.
(ZeroHedge) The bounce off the 100DMA has been quite remarkable as a plethora of Fed heads have jawboned the S&P 500 up by as much in the last 3 days as the market rose in the first few days of the year. An almost 4% gain (amid collapsing volumes) has pushed the S&P 500 up to its 50DMA and for now (despite Dudley's best efforts) it is stalling at this technical support level (whuch just happens to coincide with a 61.8% retracement of the plunge from the FOMC).
GLD appears to be extending in a Minor Wave 3 of Intermediate Wave (1) of Primary Wave [C]. While we keep hearing that, “The bottom is in!” by the gold bugs, the market has a mind of its own. The Orthodox Broadening Top target was only a one-day pause that refreshes. The next target for GLD is its Cup with Handle formation target near 93.00 near the end of July.
I guess that there really is no place to hide.
On the other hand, TLT Is nearly finished with its bounce, which may last through the remainder of the day or into early morning tomorrow. Its target may be no higher than its short-term resistance at 111.42. TLT is no longer the safe haven that it was thought to be. Instead, it is a trap for the unwary. It may not find a sizeable bounce again until the end of July!
I’ll be shutting down my laptop a’ll probably be back in touch in the morning.
Regards,
Tony
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