Considering the big gap overnight in the futures, today’s action has turned into one of the most drifting sessions I can remember this summer.
Silver likely needs to get going in order for the rally in silver miners to stick. The SLV ETF has had a decent afternoon. So, I am watching that action this week. Note that quite a few silver miners report earnings this week, though.
Also, we do not look often at the NYSE Composite Index (NYA). But on the daily chart, below, note the confirmed head and shoulders top now checking back to its neckline (a valid h&s top can have an upsloping neckline).
I will discuss similar, important setups to observe this week after the bell on my video market recap.
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Bear flag failure on the Russell.
Some good news here from OEW:
“… it looks like we have completed three Minor waves down for Intermediate wave iv. The next objective for the market would be to rally above the Minor B wave high at SPX 1943 to confirm.”
“Looking ahead, should SPX 1905 be the downtrend low we have several levels for a potential Primary III high: SPX 2003, the 2019 pivot range, 2028, and the 2070 pivot range. The all time high is SPX 1991.”
Put your horns on!
200-day still has to be negotiated.