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.

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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.

Disclosure: None.

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