Closing Thoughts

1:08 pm PST. I thought we might see SPX 2405 today, but the indices decided to continue the correction into today. This makes two (2) corrective days since the 2384 high. The wave structure does not look quite done for the SPX and so I continue to expect a new high with 2405 at least. The indices and treasuries are trading inversely. TLT rallied up into the close inverse to the SPY.

Screen Shot 2017-04-28 at 1.04.53 PM

Silver closed weak as did FXY. I think we still could see another new low on both SLV and FXY on Monday.

I changed my mind. SLV has not completely broken all lower trendlines. It has now backtested the down-trendline from July, which remains intact right now.

Leave a Reply

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

You are commenting using your 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 )

Connecting to %s