sp'60min
GLD, daily
Summary
More than anything, what should remain clear.. there is no sig' downside power. The broader weekly/monthly cycles are both offering the sp'2170s by mid June.
I see a fair few getting overly excited about possible downside, but it seems pointless, as many are lost in the minor noise... with no appreciation of the bigger picture.
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re: metals. Considering the USD, metals are still holding up rather well. Daily MACD cycle is clearly starting to rollover. First downside target is the 50dma in the GLD 114s... breaking under that will not be easy.
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notable weakness: oil/gas drillers, RIG -3.9%, SDRL -5.2%.. as oil prices decline.
strength: BAC +1.0%... although still a sig' amount under the key $18 threshold
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