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Source Yahoo Finance
The HUI ended higher +1.50 points (+1.05%) with a CLOSE at 144.37. On the daily chart, the fast stochastic is descending with a negative crossover. The slow stochastic is essentially flat but did enter overbought territory. MACD is rising with a positive crossover of a rising signal line. Divergence is down and over the zero mark.
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Source Yahoo Finance
GLD ended lower -$0.02 (-0.02%) with a CLOSE at 113.47. On the daily chart, the fast stochastic is flat. The slow stochastic is flat but posted a negative crossover. MACD is descending with a positive crossover of a rising Signal line. Divergence is flat and at the zero mark.
Source Yahoo Finance
SLV ended lower -$0.03 (-0.22%) with a CLOSE at 13.41. On the daily chart, the fast stochastic is flat. The slow stochastic is rising with a positive crossover. MACD is rising with a positive crossover of a rising Signal line. Divergence is down and over the zero mark.
The main purpose of this blog is to demonstrate that the HUI trades in an orderly fashion both in "price" and "time".
I publish daily target numbers well in advance to demonstrate the orderly fashion in which the HUI moves. If the HIGH, LOW or CLOSE is within 0.50 points of a daily target number it is a "hit".
I posted the following "bear" target numbers on May 22, 2018.
181.07
179.67
178.47
177.43
175.75
173.12
170.43
168.81
additional Bear target levels:
165.93
163.11
161.71
160.45
And still more Bear target levels:
159.47
157.79
155.15
And still even more Bear target levels:
152.46
150.84
147.97
Even More Bear Target Levels
145.15
143.75
142.49
141.51
139.83
137.19
134.50
132.88
130.01
127.19
Yesterday I posted: "For Monday, look for the Bears to defend today's high and if the low is taken out then the target is 139.83. Look for the Bulls to take out today's high and drive the HUI to the 145.15 level."
The Bulls did better than that early only to have the bears grind the miners back down.
The Bulls ran the HUI to the HIGH early at 147.18. The rest of the sessions the Bears drove the HUI down. The LOW came in at the end of the session at 144.34. The CLOSE came in at 144.37.
For Tuesday, look for the Bears to take out today's low and drive the HUI down to 143.75 or 142.49. Look for the Bulls to take out today's high and drive the HUI to the 147.97 level.
I am neutral with no open positions. The 147.00 range has a whole host of numbers around it. First on a very long term chart 147.77 is a support level from this downtrend that began back in August of 2016. Secondly, 147.97 is a daily bear "target level". And finally for this current "rally" 147.54 is the first daily "bull" target level. Today's action somewhat confirms this cluster of numbers. The HIGH came in at 147.18 and then the HUI backed off. This is somewhat of a "line in the sand" breaks out above and then the current rally may have some more juice. If it fails to break out then the market was just going back and giving it a kiss before continuing the downward trend.
The range on the HUI is getting tight, and from tight ranges come big moves.
The Fed Reserve meets this week, so it could get interesting.
GLD - waiting around for something to move it
SLV - flat
These are just my thoughts and observations, not advice etc.
Please share your thoughts, comments, upvote, follow.
As for Tuesday good luck and happy hunting!