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iamiam wrote a post · Apr 5, 2022 22:35

UPDATE

Monday was up Tuesday was down, where do we go from here?
Checking in on some tickers I'm in and an update on the usual NQ, VIX, OIL, GOLD, SILVER (as close to current as I can since futures are still trading)
$E-mini NASDAQ 100 Futures(SEP4)(NQmain.US)$ $Invesco QQQ Trust(QQQ.US)$  Finally topped but is trading in a range, looking for NQ to break to the downside and confirm a longer downtrend, but it could still bounce out of the range, or bounce around in it for a time.
UPDATE
$CBOE Volatility S&P 500 Index(.VIX.US)$ $VIX Index Futures(AUG4)(VXmain.US)$ Was oversold for 13 days before today. This reminds me of the rubber band analogy, the farther you stretch a rubber band, the farther it will snap back.
UPDATE
$Crude Oil Futures(SEP4)(CLmain.US)$ $Micro Crude Oil Futures(SEP4)(MCLmain.US)$ $United States Oil Fund LP(USO.US)$ Ok still in the year long upper channel. Do we maintain? testimony on capitol hill couldn't break it, what will, anything? Are we marching upward? Are the bears done selling, notice how the selling volume always trails off before buying picks up, like a "V"
UPDATE
$SPDR Gold ETF(GLD.US)$ Extended the triangle? Well a triangle breaks out almost all of the time almost everytime, I guess this is one of those times. I dont care I have time. Selling is weak, and so is the bearish trend.
UPDATE
$iShares Silver Trust(SLV.US)$ Oversold and that long trend down looks about exhausted, could we go down more- yep 21.95 is next support invite breaks 22.3....  $Micro Silver Futures(SEP4)(SILmain.US)$ futures bottom is 22.8 if it breaks 24.1. The selling is weak and so is the bear trend.
UPDATE
$VanEck Oil Services ETF(OIH.US)$ Looks like a dip maybe as low as low as 254, but that would send us out of the channel, do we hold and bounce?
UPDATE
$SPDR S&P Metals & Mining ETF(XME.US)$ This one looks like its brewing a touch and go. After this dip I think we rip, unless we cannot hold support. but watch to see which way it goes, my tendency is up but we will see.
UPDATE
$SPDR S&P Oil & Gas Exploration & Production ETF(XOP.US)$ Coming down off challenging the upper channel, 120's coming? then
UPDATE
$Energy Select Sector SPDR Fund(XLE.US)$  Looks like were taking a breather back to test resistance. then
*edit- this no longer looks like it will challenge the trend, now it looks like it is creating a bull flag for another leg up to challenge the purple trend... things change quickly got to stay on your toes
UPDATE
$Intrepid Potash(IPI.US)$ / $The Mosaic(MOS.US)$ Daily charts, Blew up today, looks like they want to roll over, they didnt break resistance.  Downside for potash? if it cant break into the channel then  more downside.
*edit- holy crap, we didnt push down off resistance we blasted right through although on rather weak volume
UPDATE
UPDATE
$ChemoCentryx(CCXI.US)$ Totally broke the bull run today boo! Started a new weak downtrend ADX wont even get off the floor it's so weak (this is what happens when no one sells, gotta shake the tree) looking to hold 24.3 if it breaks could go to 21.46 if it does, that sound you hear is me screaming breaking the sound barrier to buy everything for sale
UPDATE
Sorry that was quick, just down and dirty. Market looks really sour, unloaded my transports today, I want them back but the selloff I think is going to be big. I only mention that because transports can be a harbinger of doom for the market.
Good Luck
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iamiam
Engineer, Commodity Buyer, Alert Bettor, Tesla 🌬 Commodities BULL🐘 Precious Metals Dragon 🐲 and OIL Trumpeter 🗣🎺
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