Metals and Miners are turning lower as stocks and oil soar. It’s too soon to know if these are legitimate reversal days or markets simply overacting – once again. Either way, the volatility and wild swings make trading partially treacherous.
GDXJ - Juniors tagged the 200-day MA and prices are reversing sharply again. It looks like another top.
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GDX - Prices are forming a large bearish engulfing candle after testing the Fed day spike high at $21.36. It looks like traders were whipsawed once again and prices are trying to form another top.
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SPY - Stocks are up sharply after reaching the 20% correction threshold. Too soon to know if this is a bottom, upside follow-through is key. If this is a bottom, I suspect we will see a retest at some point.
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INDU - The DOW is making an outside reversal. Closing above 22,445 would support a low.
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USO - Oil is up sharply. Prices didn’t dip beneath the lower monthly Bollinger band, so I’m not convinced prices bottomed.
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