SPX (S & P 500) And NDX (NASDAQ 100) Probably Bottomed Today
SPX (S & P 500) and NDX (NASDAQ 100, http://stockcharts.com/charts/gallery.html?%24ndx) probably bottomed/put in Wave A intermediate term cycle lows today, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. SPX (S & P 500) has a bullish very large inverse spike on today's candle, which is white, indicating a bullish close above the open, see http://stockcharts.com/charts/gallery.html?%24spx.
RUT (Russell 2000, http://stockcharts.com/charts/gallery.html?%24rut) probably bottomed/put in a Wave A intermediate term cycle low yesterday, see http://finance.yahoo.com/q/ta?s=%5Erut&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) did a monster Elliott Wave 12345 up down up down up upcycle in the second half of today/1-23's session, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=, in which SPX filled the upside gaps created at yesterday and today's open at 1325.19 and 1310.50, which, along with the very strong rally, is a sign that SPX (S & P 500) has probably bottomed/put in a Wave A intermediate term cycle low.
The WMT Lead Indicator has turned very bullish recently, at -0.19% versus the S & P 500 (SPX) today/on 1-23, at +4.52% on 1-22, +0.82% on 1-18, +2.89% on 1-17, +1.62% on 1-16, +1.06% on 1-15, -1.20% on 1-14, -0.05% on 1-11, +2.40% on 1-10, +0.66% on 1-9, +0.57% on 1-8, +1.21% on 1-7, +1.04% on 1-4, -1.11% on 1-3, +0.11% on 1-2.
The NEM Lead Indicator has turned very bearish the past three sessions, at
-1.92% versus the XAU today/on 1-23, at -1.69% on 1-22, and, at -1.11% on 1-18. There should be another great shorting opportunity early tomorrow, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
HUI fell a massive -7%ish intraday today in only a few hours, during an intraday Wave A downcycle, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. During the last few hours of today/1-23's session HUI did an intraday countertrend Wave B upcycle, which looks like it'll peak early tomorrow, so, a great shorting opportunity is likely to arise early tomorrow. I'll be looking to short the Gold Miners ETF GDX.
A 12-18 month Wave 2 Cyclical Bear Market probably began on Monday 1-14-08 for HUI/XAU, which is Wave 2 down of the Secular 20 yearish Bull Market that began in late 2000 for HUI/XAU, began in April 2001 for gold, and, began in late 2001 for silver. Gold lags HUI/XAU and silver lags gold.
HUI/XAU peaked in rollover mode versus the 11-7-07 cycle highs, and, peaked in dramatic rollover mode versus the 5-11-06 cycle highs, see http://stockcharts.com/charts/gallery.html?%24hui.
I didn't buy the Pimco High Yield Fund PHK yet, see http://stockcharts.com/charts/gallery.html?PHK. It has a bearish large spike on today's candle, but, might have put in a monthly cycle low yesterday.
I didn't buy the US Natural Gas ETF UNG yet, see http://stockcharts.com/charts/gallery.html?ung. UNG wasn't able to complete a healthy looking Elliott Wave 12345 up down up down up monthly upcycle, so, I've turned cautious on UNG right now. I'll probably wait for a strong buy signal, then look to buy during a countertrend downcycle if I'm still interested in UNG.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
RUT (Russell 2000, http://stockcharts.com/charts/gallery.html?%24rut) probably bottomed/put in a Wave A intermediate term cycle low yesterday, see http://finance.yahoo.com/q/ta?s=%5Erut&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) did a monster Elliott Wave 12345 up down up down up upcycle in the second half of today/1-23's session, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=, in which SPX filled the upside gaps created at yesterday and today's open at 1325.19 and 1310.50, which, along with the very strong rally, is a sign that SPX (S & P 500) has probably bottomed/put in a Wave A intermediate term cycle low.
The WMT Lead Indicator has turned very bullish recently, at -0.19% versus the S & P 500 (SPX) today/on 1-23, at +4.52% on 1-22, +0.82% on 1-18, +2.89% on 1-17, +1.62% on 1-16, +1.06% on 1-15, -1.20% on 1-14, -0.05% on 1-11, +2.40% on 1-10, +0.66% on 1-9, +0.57% on 1-8, +1.21% on 1-7, +1.04% on 1-4, -1.11% on 1-3, +0.11% on 1-2.
The NEM Lead Indicator has turned very bearish the past three sessions, at
-1.92% versus the XAU today/on 1-23, at -1.69% on 1-22, and, at -1.11% on 1-18. There should be another great shorting opportunity early tomorrow, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
HUI fell a massive -7%ish intraday today in only a few hours, during an intraday Wave A downcycle, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. During the last few hours of today/1-23's session HUI did an intraday countertrend Wave B upcycle, which looks like it'll peak early tomorrow, so, a great shorting opportunity is likely to arise early tomorrow. I'll be looking to short the Gold Miners ETF GDX.
A 12-18 month Wave 2 Cyclical Bear Market probably began on Monday 1-14-08 for HUI/XAU, which is Wave 2 down of the Secular 20 yearish Bull Market that began in late 2000 for HUI/XAU, began in April 2001 for gold, and, began in late 2001 for silver. Gold lags HUI/XAU and silver lags gold.
HUI/XAU peaked in rollover mode versus the 11-7-07 cycle highs, and, peaked in dramatic rollover mode versus the 5-11-06 cycle highs, see http://stockcharts.com/charts/gallery.html?%24hui.
I didn't buy the Pimco High Yield Fund PHK yet, see http://stockcharts.com/charts/gallery.html?PHK. It has a bearish large spike on today's candle, but, might have put in a monthly cycle low yesterday.
I didn't buy the US Natural Gas ETF UNG yet, see http://stockcharts.com/charts/gallery.html?ung. UNG wasn't able to complete a healthy looking Elliott Wave 12345 up down up down up monthly upcycle, so, I've turned cautious on UNG right now. I'll probably wait for a strong buy signal, then look to buy during a countertrend downcycle if I'm still interested in UNG.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
1:09 PM
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