Weekly Charting - 8th Sept 2017, page-12

Repost of the Weekly charts I produce each week from the XSO thread
-----------------------------------------------------------------

Update of the Weekly charts
..
..
Copper Futures (HG) saw an initial attempt to rally this week, but demand reduced (low volume), and price fell back to close near the lows of the previous bar.  As price is still within that bars range (just), it may still make another attempt to move higher, however this weeks bar may illustrate that the market would like to come back and test the strength of the breakout @2.9515.
Glencore London (GLEN -LON) which is my proxy chart for commodities generally.  Price pulled back this week with a narrow spread and increased, although about average, volume - eventually closing in the middle.  As price only traded within the top half of the previous bar, it seems to be no more than a test of supply so far.  A break below the low of the previous bar would have been more serious, and made it more likely this move may precede a test of the breakout above the previous highs, which may (or may not) occur at some time.
Lithium ETF (LIT) traded mostly within the range of the previous bar, on quite high volume (which is always some concern).  This suggests that price spent the week attempting to absorb the supply which has been drawn out after moving higher for the previous three weeks.  Very high volume is always a concern, so keep a close eye on the market for any signs of weakness, if trading it.
Rare Earth ETF (REMX) this week accelerated higher with a wide spread and very high volume, as it pushed up past a potential resistance line.  Whenever volume and spread are extreme like this, care needs to be taken that this is not the beginning of a more serious supply event (distribution).  Especially, as spread actually narrowed a little when compared to the previous week, and volume was more than double.  Watch this market carefully over the coming weeks, and be cautious if trading it, especially if opening new long positions.
Uranium ETF (URA) produced a shallow pull back with a narrow spread, on low volume this week.  Price easily remained within the previous bars range, so this appears to be a market 'on hold' this week, perhaps waiting for Uranium price to clarify its direction.
Uranium Price Futures (XUX) moved higher this week, but still remains within the narrow sideways range it has traded in for about three months.  This market has suggested it might move higher previously, and has failed to do so.  Wait for confirmation.

..
..
Gold Futures (GC)

..
..
Silver Futures (SI)

..
..
S&P500 Futures (ES)

..
..
ASX S&P200 Cash (XJO)

..
..
US Dollar Index Futures (DX)

..
..
Aussie Dollar Currency Futures vs USD (6A)

..
..
Crude Light Futures (CL)

..