Joe Friday Just The Facts Ma’am-The AU$ is testing 30-year support at (3), with momentum oversold. If 30-year support holds and it breaks above falling resistance, it would send a bullish message to Gold, Silver, and Commodities not see in years!
In August King$ created a weekly bearish reversal pattern and sold off a small percentage (3%). The rally over the past 5-weeks has it back at August highs, where it could be creating another bearish reversal pattern this week at the August highs. (see chart below)
the NYSE Composite has foretold stock market correction with “hanging man” monthly candlesticks. This occurs when the market falls sharply intra-month and rallies into the market close
This chart looks at the S&P 500/10-Year Yield ratio over the past 40-years, on a monthly basis. The ratio started creating a series of highs lows in the early 1980’s, reflecting that stocks were moving up faster than yields.
The miners are in a multi-year down trend, however there is a potential bullish setup in place. See the chart below where we highlight the ratio of the Mining Index (XAU) to the S&P 500 (SPY).
In the 9-pack of charts below, we are seeing bearish “look-alike” patterns emerging. And in each case, it looks like the given markets are turning lower (point 1).
