Tuesday, August 1, 8:56 pm EST. It’s more of the same. Metals and miners are not making any significant moves. It commenced to ‘rally,’ back on July 12, but that’s run out of steam, not that it ever had much, and has been moving sideways since the recent pop last Wednesday, the 26th. That’s fine! If that move was ‘real,’ then the market needs some 4 to 7 trading days to digest it, and we are now entering that time period, 4 to 7 days later, when we would want to see another similar pop in price, and on expanding volume again, as a way of confirming that this ‘rally’ actually is real.
It just hasn’t given evidence that it can be trusted yet, and only a truly good price move on volume could convince the jaded skeptics, like myself, that it’s worth playing at all… for now, I just have no faith in it.
Oh, and I almost failed to mention… charted price for an average of all 16 symbols is bumping right up against the line of overhead resistance that I draw connecting all the recent 5 past tops since early November. It will help should it push through that, as well!