Quick update as this rally has been relentless. The June 14th low was profitable for most new positions including US Steel, RAD and UDOW. It is now time to consider taking half profits and get ready for the Jan or Feb of 2023 low.
We can continue up, but it has a higher probability to making a new low in the 1st Qtr of 2023 right now.
Expect it when no one does… here is the charts. I am considering taking another 25% of any long trades placed around June 14th low. Below are the charts of the SPX.
Reviewing of SPX
This week is important for SPX(S&P500), we have weekly bearish reversals being tested and a close below them will give us a possible gap down to start this move around the week of Sept 1st.
- 4500 big resistance monthly (dark green lines) and weekly (light green lines)
- 4267.50 (weekly bearish – light pink) close at end of week could cause this gap down
Update: Monday Open Aug 18th
The model for the week worked well and now testing the next level lower. Now we wait to see what this weeks panic cycle does. It can go down then up, straight down, or down then back up to the close. Our next turn point is next week, which we look for a low or high and then make our next decision.
On the models, for some weird reason we are showing bullish energy even though this drop for day and week. So this is difficult and this may show some support. We are still targeting Aug 29th or Sept 1st for the Turn.
Possible Buy Signals with Low Risk:
Both SLV (silver etf) and NEM (Newmont mining gold) look to have possible buy signals into the next year at these prices. Below are the charts and NEM has some support areas to consider.
