The Closing Prints – Weekly Analysis $SPY $TLT $IWM $DJIA $GLD $XLF $USO $IBB $DXY $TNX

The Closing Print. Every week I am going to pull up the weekly chart of indices or sectors and give my opinion on what they look like and what may be ahead. 

In NO particular Order.

 
The Financials. 

The banks look the best. I HATE to say it because I hate banks, however it’s a clean breakout up to 22 with an initial target of 24. Are you going to buy this Monday? Hell no. But every pullback should be bought. Price. Volume. Not sure what else you can ask for. 

Gold. 

Gold looks gross. But this is the 61.8% retracement of the December to July Rally. Another reason why this is a spot it is going to bounce. I loved Gold but until it reclaims 120 and holds all bounces should be sold. That being said. I expect GOLD and BONDS to bounce the next few weeks. Target at least 117. 

The Dollar. 

The Dollar has pretty much ripped the face off of Gold and Bond bulls hands down. The chart tells it all, a long time consolidation bounce off the 200 day MA breakout. If this doesn’t stop going up and cause a failed breakout, Gold and Bonds might be in trouble (already are in trouble IMO)

Oil. 

OPEC tells all in Oil. A close over the 200 MA would be VERY positive. However if it stays below it is VERY negative. Trade either way. 

Biotechs. 

Biotechs have bottomed. A pullback of 38% from highs and a bottoming consolidation. The IBB has not closed above the 200 MA and bounce off the moving average. This is very bullish for the sector and I have shown some charts on biotech stocks I like which I think have bottomed in the sector. Target of 350 in the intermediate term. 

Small Caps.

THIS IS NOT BEARISH. Inverse head and shoulders breakout with a 200 day bounce for the right shoulder. Target of 150+. Yes I know this will need to pullback hard and sideways. I know that. But there will be buyers. Buy all pullbacks into 125 IMO. 

 

Dow Jones. 

Same as above with small caps. This is going to 20,000. A long time consolidation “W” breakout that send it over 20,000. Try and short it. You CANNOT BE BEARISH unless it is under the 200 MA. 

Long Term Treasuries. 

Bonds are in trouble. 120 IS going to hold here. However, I think all rallies will be sold. Target is 127 in the near term but the damage is massive and has been done IMO. I’m still watching that 30 year Generational trendline on TNX. This could be an epic lifetime move. 

S&P 500. 

Lastly the S&P. 13 straight up days without giving up the previous day’s low. NOT BEARISH. Expect a pullback to 215 where there will be buyers and we will likely see a rally into year end. 

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One response to “The Closing Prints – Weekly Analysis $SPY $TLT $IWM $DJIA $GLD $XLF $USO $IBB $DXY $TNX

  1. Pingback: Small Caps Sticking it to the Shorts $IWM | The Big Breakout·

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