E Metals And Miners Are Turning Lower As Stocks And Oil Soar

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.

(Click on image to enlarge)

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.

(Click on image to enlarge)

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.

(Click on image to enlarge)

INDU - The DOW is making an outside reversal. Closing above 22,445 would support a low.

(Click on image to enlarge)

USO - Oil is up sharply. Prices didn’t dip beneath the lower monthly Bollinger band, so I’m not convinced prices bottomed.

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.