I wanted to have a little fun looking at the Miners. So let’s begin by looking at a 12 year chart of the Miners.
There are two important things that stand out to me.
1st is the support/resistance at the 150 level.
2nd is the trend line drawn off the highs prior to the 2008-09 bear market.
The 150 level was a major resistance level in 2002 and also in 2003. It was where the Miners found support in 2009. And once again as the bottomed in November, 2014.
The multi year declining trend line began at the peak just prior to the 2008 – 09 began. It was also resistance as the Miners back tested that high. The it became support in 2010 as the Miners backed tested the 200 MA as it emerged from the 2008-09 bear. It was also support at the 2013 intermediate lows.
… the recent cycle low in March.
Further discussion of the Miners and where they are in their daily, weekly, and yearly cycles can be found in the Weekend Report.
This week I am extending a Miner Special Trial Subscription offer. Try the Weekend Report for 1 month for a Miner Special of $10.
The Weekend Report discusses Dollar, Stocks, Gold, Miners, The CRB Index, & Bonds in terms of daily, weekly and yearly cycles.
Also included in the Weekend Report is the Likesmoney CycleTracker.
I also post what I call my Weekend Updates.
The Weekend Updates cover
* The FAS Buy/Sell Indicator
* The Bullish Percentage BINGO
And I also post a mid-week update on Wednesday evenings which updates the daily charts from the Weekend Report.
To try the Miner Special Trial Subscription offer click here.