Waiting on a Friend …

0 waiting

The markets seemed to be waiting on the Fed today.
Starting with the dollar we did not see too much there

1 $$$$

The dollar did manage to form a swing low today

2 $$$ S Dollar Index Cash

However, the swing low did not even fill the gap from Monday. More importantly, the dollar did not break above the declining trend line so we do not know if today was day 1 or day 20.

Like the dollar, gold did very little today.

gold

Tuesday was day 28 for the daily gold cycle. Gold is getting late in the timing band. A panic spike down this late in the cycle could mark the daily cycle low. Often time these Fed days see an asset spike one way before reversing. A break below the 1300 level would shake loose plenty of weak hands.

The Miners just maybe foreshadowing gold’s intentions.

GDX Sharp Charts Workbench Stock Charts com 20

Friday was day 26 for the daily Miner cycle. That was the lowest point since the Miners peaked on August 27. They have since formed a swing low and now is up against the declining cycle trend line. A break above the declining trend line confirms a new daily cycle. Please note that both the True Strength Indicator and the Money Flow Index delivered bullish crossovers.

So the markets may be waiting on a friend, and they hope that their friend is (Super)Ben.

99 ben

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s