Due to the breaking down of the general markets, GDX jumped over 23.63 fence. Apparently gold is a competing asset class of the equities for the time being. GDX miner stock is reflected in the rise of gold.
On the day of inauguration, the SP 500 index gapped higher at open. But it failed to exceed 15-minute open range. The intraday high was made at open. Open range high is statistically significant. It means the market had good reaction to good news (inauguration), but there was no follow through. Simply there weren’t continuous […]
AMD has been in selloff mode since the high at 12.42 made on 12/28/2016. It has been 13 trading days since the top. It traveled from 12.42 to 9.42, about 24% decrease. Today’s drastic rally from 9.42 indicates strong support from this level. 9.42 is between 38-50% retracement of the weekly cycle. It is in […]
At 11:58am today, we posted a chart stating the intraday bounce to the 38% retracement was likely over if the price was able to violate 22.17 on the downside. It stopped right at 22.18 and turned around to take out the previous high @22.58. It closed at 22.63. The action from 22.18 low to 22.63 […]
BAC bounced to 22.58 to meet resistance at R1 and 38% retracement of the swing from 23.41-22.01. It breached daily pivot range high at 22.40, but was unable to breach 3-day rolling pivot range high at 22.71. Once it violates 22.17 to the downside, it will resume selloff to test 21.77. If it can’t take […]