S&P bearish divergence?

[Tape Reader]

Most recent high, SPY did, S&P future did not. IMO, bearish divergence. Any thoughts?

[Saratoga_Mike]

Could you please elaborate on your thoughts or put this into historical context (how often this happens)? Thanks.

[Tape Reader]

Originally Posted by Saratoga_Mike

Could you please elaborate on your thoughts or put this into historical context (how often this happens)? Thanks.

It has been my experience that the future leads the cash, short term. I aint an evidence type guy.

[lamboguy]

while every expert in the world is calling for a "stage 5" decline in gold, i am pretty sure that $1179 is the bottom. i would not be that surprised to see gold make it back to its natural high this year of $1859.

my immediate target for gold is $1365 and if it takes that out $1425.

[PICSIX]

Originally Posted by lamboguy

while every expert in the world is calling for a "stage 5" decline in gold, i am pretty sure that $1179 is the bottom. i would not be that surprised to see gold make it back to its natural high this year of $1859.

my immediate target for gold is $1365 and if it takes that out $1425.

Gold has been in a Weinstein Stage 4 decline since 03/28/2013. Stage 4 is defined as price below a falling(declining) 30-week moving average.

Selling pressure continues to have the upper hand at this time.

[lamboguy]

Originally Posted by PICSIX

Gold has been in a Weinstein Stage 4 decline since 03/28/2013. Stage 4 is defined as price below a falling(declining) 30-week moving average.

Selling pressure continues to have the upper hand at this time.

the Weinstein Stage 4 has always been right until its been proven wrong. and that has happened plenty of times in the past. i did start the comment about the wave 5 possibilities. even if they are right, and the lows do break on gold, $1050 is that number.

since technical analysis is much like using numbers to handicap horses, it only tells part of the story. it can't predict that someone new is going to be walking into the store and either buying or returning items.

there have been so many mines boarded up recently while demand for gold has not decreased. the largest producer of gold is China, they are not allowed to sell 1 ounce of gold on the open market. what's mined in China stays in China. on top of that, they go out on the open market and buy gold lately at around $1200 per ounce. the deal with paper metals replacing physical metals seems to only work in the western world, Indians and Chinese are old fashioned, they want the real mccoy.

[badcompany]

You can always find an indicator to confirm what you want to hear.

However, the price action is all you really need, and until I see otherwise, the trend for stocks is up; gold, down:

[Tape Reader]

Originally Posted by badcompany

You can always find an indicator to confirm what you want to hear.

However, the price action is all you really need, and until I see otherwise, the trend for stocks is up; gold, down:

I guess I should clarify that I am working with intraday time frames.

[RaceBookJoe]

Originally Posted by Tape Reader

I guess I should clarify that I am working with intraday time frames.

Nice catch

[badcompany]

Good call. Haven't a day this ugly in a while. 90% of s&p 500 is down.

[whodoyoulike]

Originally Posted by badcompany

Good call. Haven't a day this ugly in a while. 90% of s&p 500 is down.

What website(s) do you use? I've seen % on the DOW but, there are only 30. I'm always interested in the S&P movements. Thanks.

[badcompany]

Originally Posted by whodoyoulike

What website(s) do you use? I've seen % on the DOW but, there are only 30. I'm always interested in the S&P movements. Thanks.

When I'm on the go, which is most of the time, I use an app called Stock Signals. I believe it's $20 but well worth it.

[RaceBookJoe]

Originally Posted by whodoyoulike

What website(s) do you use? I've seen % on the DOW but, there are only 30. I'm always interested in the S&P movements. Thanks.

The S&P is much better to follow than the Dow, not just because of only 30 stocks but also because its cap-weighted. If you use an equal-weighted indice you will get a much better reading on internals. I like to follow the NYSEBPI. You can usually find something close to it like this one :

http://stockcharts.com/def/servlet/SC.pnf?chart=$NYA50R,PLTADANRBO[PA][D][F1!3!!!2!20]&pref=G

[RaceBookJoe]

If that above link doesn't work, go to stockcharts.com and type in $NYA50R or $NYA150R its a p&f chart of how many stocks are above either the 50 or 150 ma.

[Tape Reader]

Originally Posted by RaceBookJoe

Nice catch

Thank you. Any of you Fib/cycle Guys out there have any idea on support?