Today's pattern is a Rally pattern. And after watching the markets rally higher over the past 15+ days, wouldn't it be funny to watch the markets roll over and move against my Rally pattern today? You know, the way the markets are beating up my SPY Cycle Patterns, it just might happen.
Gold is making a big move downward, which I attribute to a PANIC mode in the global markets. I believe this move downward in Gold is a reaction to some risk that is taking place in the financial markets. The US Dollar does not seem to be collapsing. The fear element is still elevated (as of last week's data).
Maybe this move in Gold is related to the SPY/QQQ moving to new All-Time Highs - but I doubt it.
We'll see if the move in Gold is really a panic selling phase or just some type of relief/pause mode in metals. Silver and Platinum are still trending upward.
BTCUSD is stalling near the upper range I suggest would become resistance.
As we move into the weekend and close out this week, I suggest traders try to prepare for what may come as the SPY/QQQ move into new All-Time Highs today. Either this trend continues higher, or we are going to get an immediate rejection in price. So be prepared.
Get some.
Gold is making a big move downward, which I attribute to a PANIC mode in the global markets. I believe this move downward in Gold is a reaction to some risk that is taking place in the financial markets. The US Dollar does not seem to be collapsing. The fear element is still elevated (as of last week's data).
Maybe this move in Gold is related to the SPY/QQQ moving to new All-Time Highs - but I doubt it.
We'll see if the move in Gold is really a panic selling phase or just some type of relief/pause mode in metals. Silver and Platinum are still trending upward.
BTCUSD is stalling near the upper range I suggest would become resistance.
As we move into the weekend and close out this week, I suggest traders try to prepare for what may come as the SPY/QQQ move into new All-Time Highs today. Either this trend continues higher, or we are going to get an immediate rejection in price. So be prepared.
Get some.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.