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NYSE entering a strong support zone
The NYSE was the first major index to show us the overall weakness in the U.S. equities markets, having already dropped to a key support zone dating back to 2015-2016 weakness. At that time, the NYSE was forming a bullish inverse head and shoulders pattern, and a bullish cup and handle price pattern which eventually broke to the upside on big volume in 2016 during the presidential election.
In the days ahead, we will be watching this support zone for any signs of a reversal.
Several clients have asked us about Gold the last few weeks, so we thought we would give our analysis here. In this chart, we are looking at GLD, a Gold tracking ETF. Gold has been in a secular bear market since 2012. Over the last few years, it appears to be forming a rounding bottom with a possible bullish Cup and Handle reversal formation within a complex bullish Inverse Head and Shoulders pattern, where volume seems to be confirming this. In the weeks and months ahead, what to look for is a break above the neckline on larger relative volume, then a possible retest of the neckline as support on diminishing volume, giving a 2nd buying opportunity. This could take weeks/months to play out.
Thus far, the iInvest® TacticalSHIFT® database has not issued a SHIFT down in 2018 despite the recent volatility, but iInvest® will let clients know if a SHIFT takes place in the days/weeks ahead as we see how the market unfolds.
There have been many warning signs of a potential shift coming, as seen in yellow below, but has not triggered yet.
Written by Craig Dillon
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