Current Position Of The Market: SPX, Money, Metals

 

UUP (dollar ETF) DLY ($USD chart is not available from this data provider)

UUP is again finding support at its lower long-term channel and challenging the outer intermediate channel line.  The pattern is still one of intermediate deceleration, so it is not yet a given that UUP can get back into an uptrend.  In order to do that, it would first have to get out of the small red channel and then move past the red 200-dma.  

 

GDX (gold miners) - DLY

GDX could not take advantage of some cycles due to bottom in the past few days and, on Friday it made a new low. This keeps it in an intermediate trend correction channel with a good chance that it will move still lower.  It may now not be able to reverse until it has retrced .618 of its previous up-trend.  That would bring the low of the correction closer to 28.00 -- still another three points lower than where it closed on Friday.  

 

PAAS (Pan American Silver Corp-DLY)

Although much stronger than GDX, PAAS could not get out of its consolidation channel and it is retracing.  It’s unlikely that it will drop back all the way down to the bottom of the channel, but it could still come down one or two points lower before making another attempt at resuming its long-term uptrend. 

 

BNO (Brent oil fund) wkly.

BNO has now filled its projection to 16, has found resistance at the top of a bullish channel, and has started to pullback.  It could take advantage of some weak count to push another point or two higher when SPX makes a new high.  

 

SUMMARY

SPX is running into more and more resistance as it pushes closer to its ideal 4150 intermediate top, but the current short-term correction stands a good chance of being over as early as Monday.

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