Since we came back from vacation, I wrote 3 Daily’s.
The first one was on the Economic Modern Family and how it opened its loving arms to the bulls.
I was particularly keen on small caps or the Russell 2000 IWM.
I wrote, “Beginning with IWM or Granddad Russell 2000, Monday began with a gap up over the 50-DMA (blue).
We will watch for a phase change confirm. Furthermore, the monthly chart shows IWM back above the 80-month MA (green). Resistance at 191 area is on tap if IWM holds above 174.”
Phase change-YES
Holding 174 -Yes.
Still above the 80-month MA -Yes.
Is 191 on tap if continues to hold -Yes.
Next, I wrote a Daily about Soybeans as the next potential parabolic runner.
“Meanwhile, the Teucrium Soybean Fund SOYB saw a huge influx of investor money.
The monthly chart featured shows prices hovering around all-time highs.
In 2012 the high was 28.88. In July this year, SOYB made a new high at 29.43.
The sideways consolidation on this monthly chart suggests a move to 34-35 is possible.”
The daily chart is in a bullish phase -Yes.
The futures contract here, shown through the continuous contract and not the January 2024 contract, looks different.
The continuous contract is under the 23-month MA while the futures contract of the ETF sits above the 23-month.
Sideways consolidation -Yes.
Read to run? -Not Yet.
But watch for a move over 1400 in January 2024 contract as a good start provided this holds 1250.
The next Daily this week was titled: Oil the New Gold-Buy When There’s Blood in the Street
The thesis was oil is a buy just as everyone got bearish. Just like gold, “you buy it when it looks awful, sell it when it looks strong.”
The futures contract (December) shows you that $72 held Friday with a move to nearly $76.
Was it a buy with blood in the streets? - Yes.
Do we have a support level now? - Yes.
If you have a listen of my 2 latest videos in the media section below, you will hear that I boldly called a bottom and describe what levels must clear from here.
This coming week, watch for oil to get over $76 to continue the rally.
More By This Author:
Oil, Commodities And Small Caps
Oil The New Gold - Buy When There’s Blood In The Street
Soybeans Could Be The Next Parabolic Runner
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