Wednesday 4/26, 8:23 am EST. Tuesday hurt. It was a tough outing for the metals and miners. But, what does it means for us?
I’ll run the whole gamut…
We have those that declined, (shoot, they all declined!) on big volume, like these: RGLD, GLD and SLV, SLW, GDX, CDE, HL, PAAS, SSRI, AG, PVG, ABX (Big Time!), SILJ, FSM and NUGT.
Others declined, but on light volume: SGDM.
What do these charts say? First, we have December and March support levels. In nearly every instance, these are still intact, and not violated. That’s a truly huge positive at this point. Second, the very nearest term price support is not the March lows, but the bottom of the more sideways price action which is found at the very top of the Wednesday, March 15 pop in price. That support was indeed threatened yesterday, but held, and prices bounced from off of that. Frankly, I don’t believe it’s going to hold, but it certainly could.
I will be updating the timer, and looking the measures of market risk, and I will be assessing whether they might possibly give a signal, should prices get down as far as the March lows, so as to possibly, or even likely, put in a double-bottom. If it could/would, that would be a great opportunity to possibly take note of where a new rally launch might be able to come from.
Don’t give up hope. If we ever catch one of the truly big bull runs… we’re going to make a killing!