OK – New York was up. However, I have a couple of “buts”.
Dow Jones broke its downtrend from the top but it was a hundred points off its high. Next– S&P broke out of the pattern that looks like a head and shoulders bottom but the hourly looks to be taking on the appearance of an upslanting wedge – a rather negative pattern. There is a gap in the S&P at 2700 – perhaps the S&P will go looking for that.
But having said all that, there is only one chart that matters today – Shanghai. It had an awful day yesterday. There is support down here but not a good appearance for Shanghai to be looking at breaking down when New York is trying to break through overhead resistance!
Added to this crucial picture – the US dollar came off and is just hanging on to the lower support line on my chart. If the US dollar breaks down, we can forget any chance of New York breaking topside.
Gold didn’t react very much to the weaker US dollar but intraday it did go up and have another look at $1350. Silver tried to go better but closed off its high but its pattern is slightly better. Need silver to break topside.
The weakness in Shanghai was a dampener on our market yesterday. We were initially quite excited about something – actually I’m not sure what but we ran up to a line that was looking like the neckline of a head and shoulders bottom and promptly failed finishing on its uptrend from its low again. XJO is driving me insane at the moment the way it is just running from one line to another without making much headway. XMM has now had six up-days as it has been the miners that have carried the load again. However, they all closed off their highs. Not a good look.
Tippy toes in the spec market again today. I am a bit concerned that traders here are being caught in stocks that are being promoted in birdland. Extra vigilance required.
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