Gold, Silver, and Indexes Using Price Action

[Gringo]

GLD has crossed the mid of this range. It is quite a large range. Are we to expect a bit of turmoil around the mid? It is quite possible. Maybe a few fluctuations and heart racing, adrenaline pumping jumps and feints. Or maybe nothing of that sort. From what I understand price might be gunning for the top of the range. If that is the case than a weakness here when it develops could be used at the resumption to perhaps enter the long side. Too much of a weakness and a short might become possible. All in all this is the mid where the turmoil is most likely. The best opportunity for the long is long gone. Those rubbing their hands and chomping at the bits might get their prayers heard once again.

Gringo

 

[Gringo]

S&P500 is close to the overbought territory, and there is also a chance of a double top. To be fair there is space to upwards but it would be prudent to keep an eye on the price around these levels. The trend is still up and the thoughts of shorts for now are premature, unless one is in the shorter term game.

Gringo

 

[Gringo]

Here's the Dow Jones with a weekly view. Again an uptrend, but the price is below its previous swing high, unlike Nasdaq that is above and S&P500 that is at the swing highs. In other words the Dow < S&P < NQ in terms of strength.

Gringo

 

[Gringo]

GLD weekly shows a potential resistance around 130. GLD daily is flirting with overbought supply line. GLD hourly shows a demand line break and then a retracement taking place. A weakness here if it develops could be used for a possible short.

The argument against the short is that the trend is strongly up. It would be prudent to let price show more weakness before jumping the gun.

Gringo

 

[niko]

If the short sets up arent you supposed to take it, if it doesnt work, scratch if it does you are in business

 

[Gringo]

If the short sets up arent you supposed to take it, if it doesnt work, scratch if it does you are in business

Ingenious isn't it! I am waiting for weakness to show its hand first.

 

[niko]

You could compose some scratch related poetry.

 

[Gringo]

A tear in a trade and you start looking for a patch
Like a falling knife the blind so wants to catch
Guard your principal; do all to prevent its snatch
Don't need eyes to know when it's time to scratch

 

[Gringo]

GLD hourly has showng a bit of spring around the potential support. No shorts. Stay alert to longs here for hourly guys. Price like love is fickle.

Gringo

 

[badnewsbear]

This uptrend might be broken if the jobs report on friday exceeds expectations.