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Market recap for Friday, September 11, 2015 SPY QQQ NYA TLT GLD GDX JJC

9/13/2015

2 Comments

 
     Watch this week's video here https://youtu.be/jgoa2WxhScI

  Not much has changed in the markets from the newsletter and video published 2 weeks ago. $SPX attempted to rally on Wednesday, but was turned back decisively by the bears at the 20-day moving average (MA).

        If we look on the chart of $SPX, one could argue that a Bear Flag of sorts is being traced out. Should this Bear Flag break down, a re-test of October lows is almost certainly possible.

       Bearish evidence continues to mount: the 50-day MA is now below the 200-day MA on the charts of $SPX, $COMPQ and $NYA. Pretty much every single market breadth indicator I follow is in the bearish territory. Of the major stock indices, QQQ is one of the few holdouts, since its 50-day is still above the 200-day.

Charts of major indices here 

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       Bonds (TLT) corrected rather sharply from their recent peak at 128.64. I continue to think that TLT is in a long-term uptrend, so this pullback may be viewed as a buying opportunity. Right now TLT is sufficiently oversold for my tastes to go long again.

TLT chart here 

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       Gold came under selling pressure again this week. A bear-market rally that started in mid-August ran into resistance around $1165. This week there was a minor support break in the $1115 area. At this point of the game I am not yet comfortable shorting again, but if gold manages to rally back to the $1165 area, I will reconsider.

       GDX fared much worse then gold itself. In late August GDX failed to close above the 50-day moving average and collapsed back down to support at around $13. Back in late August I mentioned that, as with gold, I was not yet ready to short and wanted to see more upside. This may not happen, especially if Monday GDX falls through the support at $13. For now, I am keeping an open mind about a possibility of a rally in GDX. Market breadth for GDX hit new lows on Thursday as AD-Lines broke through prior support levels.

Gold charts here 

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One other commodity that caught my attention was copper. $COPPER hit a multi-year low in late August and bounce. It is now trading above its 50-day moving average for the 4thday in a row. Its MACD has turned positive – a sure sign of it being overbought and might not be a bad place to short again. You can short copper by shorting the copper ETF called JJC (unfortunately no inverse ETFs for copper are available).


Chart of copper


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              That’s it for this week’s market recap,

Best Regards and have another great trading week!

** Special Announcement**

We are close (hopefully October 1st) to launching a stocks alert service. Please sign-up for our mailing list to be the first to take advantage of the discounted membership once it becomes available!

 

Alexander Berger (www.MasterChartsTrading.com)

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2 Comments
Jackie
9/13/2015 06:43:39 am

What will price be for service. Ty

Reply
Alex
9/13/2015 12:50:48 pm

$15-$20 per month with a free trial period

Reply



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