Anticipating bullish move if daily resistance in major indices and dollar continues. If major indices break their daily resistance, easy move to 20 is in the cards. Option chain is bullish at 0.18.
Anticipating further correction in the major indices before the downtrend is broken.
Major US indices stopped by daily resistance, if downtrend continues another flight to gold may happen, confirming a bull flag.
Put to call ratio is indecisive on DIA .85 SPY bearish 1.74, GLD indecisive .89, GDX .18 bullish, Neutral to bullish option chains for gold.
Dollar...
Formation started April 18, waiting breakout confirmation of handle. GDX, gold miner index has a bullish Put to Call ratio 0.11. GLD undecided 1.08 Put to Call ratio.
Has been blasted over the last two months. Expecting a pull back from support over the next month, as produces cut back to regain control of oil prices. Stop loss at 28. Target 1 32+ final 36+
Stop loss at today's low. Oil is finding support with Broder markets finding support after today's sell off. XLE forming a potential triple bottom. Target 1 is 18 day moving average, target 2 is 38.
Double bottom on the daily charts, option chain put to call ratio is 0.33, with GLD put to call at a more conservative but bullish 0.70. Target 1 at 28+ target to at 30+ stop loss at weekly low of 26.32. Gold breaking 1230+ will confirm bullish trend continuation, with a break below 1210 most likely stopping out the position.
