Last week’s black doji weekly candle played out. This week’s candle is bearish engulfing, and bodes for a lower low next week. Weekly momentum is weakening, and finally set to turn negative. In theory… the weekly 10MA will be sustainably traded under, and then down to the mid 6100s before year end.
It is ironic that whilst the bears failed to achieve anything in ‘prime time’ of Sept-Oct’, that instead, the market appears for net downside across Nov-early Jan’.
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Ytd perform…
Silver +67.5%
Gold +52.5%
Copper +24.2%
SPX +14.4%
TLT +6.3%
WTIC -16.5%
… for what remains a year for the precious metals. Cheap oil/energy is one distinct prop to a weakening US/global economy.
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