Daily Watchlist · Market Commentary · Newsletter · Trading Game Plan

Daily Commentary – The Big 3

Quick update today as markets likely chop sideways heading into FOMC meeting on Wednesday. Dow remains on a mission to 20000 while SPX and Nasdaq were in the red. The 3 asset classes we ought to watch for potential major reversal with similar bottom patterns are

1) Gold (GLD)

Marginally lower lows with improving technicals in ascending RSI and bullish MACD crossover suggest a major reversal like in late 2015.

20161213-GOLD.png

2) Treasury Bonds (TLT)

Similar to Gold, positive divergence bottoming pattern as exhibited in mid 2015 points to a sizable snapback rebound. Just need MACD descending trendline breakthrough to confirm the reversal.

20161213-TLT.png

3) Japanese Yen (FXY)

Positive divergence on slightly lower lows and major swing support looms just under 83. Keep buying the dip for a big relief rally.

20161213-FXY.png

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s