Weekly chart updates for a broader view of the markets-
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.. Base Metals ETF (DBB) appears to be in the process of consolidating (absorbing) the supply being drawn out at the 18.58 level. Volume is not particularly high, so this process may be coming towards an end. Sideways to up seems the highest probability next week. Glencore London (GLEN-LON) broke back below the longer term uptrending channel this week, although I note the longer term horizontal zone offered support again. The midbar close suggests there is still some underlying strength in the market, although possibly not as strong as it was previously (and I probably need to redraw the channel soon as well). Either an upbar, or a low volume test bar, over the next week would help to confirm the strength seen in this weeks midbar close. Lithium ETF (LIT) pulled back on reduced volume this week, with a midbar close. This suggests selling pressure is reducing, and support is still present. The continuing high volume is a little concerning. Price appears in position to move forward again when it is ready, so sideways to up is the highest chance this week (although beware of a shakeout if this sideways range cannot be reconciled soon). Rare Earth ETF (REMX) looked to accelerate away from the consolidation two weeks ago, and came back again this week on above average volume. Volumes are also quite high on this chart as well. If I was in charge & could choose what would come next on this chart, I would shakeout. A short sharp and violent shakeout, followed by a shallow lower volume test, maybe just what is needed to resolve this sideways range. Uranium ETF (URA) spent the entire week consolidating the prior weeks substantial gains. Volume did reduce, and the high close looks promising. It is possible that further consolidation may be nessesary, however the highest probability is for an upbar this week in response, especially if the uranium price continues higher. Uranium Price Futures (XUX) saw further strong gains again this week, as the momentum already generated, carried price higher. Spread narrowed a little which is understandable. This momentum may carry price higher again for another week, however this sharp rise will likely draw out increased supply soon, and then consolidation process will be required to absorb this fresh supply for a while.
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.. Gold Price Futures (GC)
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.. Silver Price Futures (SI)
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.. Copper Price Futures (HG)
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.. Crude Light Price Futures (CL)
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.. S&P 500 Index Futures (ES)
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.. US 10 Year Treasury Note Futures (ZN)
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.. S&P ASX 200 Cash (XJO)
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.. US Dollar Index Futures (DX)
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.. Aussie Dollar Currency Futures vs USD (6A)
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.. Coinbase Bitcoin in US Dollars (BTC/USD)
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