Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Closing Report: Gold Erases Early Losses to End Unchanged
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 7 18 2018
By: Ira Epstein

Housing Market Collapse 2.0 Has Begun
By: David Haggith

Will the Fed’s Tightening Trigger Another Crisis?
By: Arkadiusz Sieron

Merk Research - U.S. Equity Markets
By: Axel Merk

No currency manipulation by China’s government, yet
By: Steven Saville

India Soaks Up Physical Silver Supply
By: Craig Hemke

50 Reasons Why This Bull Market Has Longer To Run
By: Avi Gilburt

Gold Resource Corporation Expands Arista Mine With Drill Intercepts Including 23.39 Meters of 2.00 g/t Gold, 200 g/t Silver and 2.08 Meters of 1.98 g/t Gold, 1,583 g/t Silver in New Vein Discovery
By: Gold Resource Corporation

“Biggest Bubble in the History of Mankind” Is “Going To Burst” – Ron Paul
By: GoldCore

 
Search

GoldSeek Web

 
Temporary Bottom Set-Up Needs Follow Through


 -- Published: Monday, 2 July 2018 | Print  | Disqus 

By Ricky Wen

The last week of June was quite weak as the stock market continued the downward momentum from the 3rd week by grinding down into the major weekly trending support zone around 2700-2720 on the Emini S&P 500 (ES) for the backtest. 

After Monday's steep sell-off, the rest of the week was mostly consolidation within Monday’s range. The main takeaway from the week was that the market made a temporary bottom setup with the nominal lower low at around 2693 on the ES and back into the 2740 area resistance.  It is now waiting for some follow through this week, or invalidation if that was not the low.

What’s next?

Friday closed at 2720.75, and it was a doji candlestick (open and close virtually equal) that was fairly weak for a monthly and quarterly close when considering the intraday high was 2745.50.

Heading into this week and July, we're treating the 2693.25 level as the temporary low and looking for some follow-through to the upside going towards 2780-2800 for the bigger picture perspective. 

This thesis remains valid when above 2700, as below that level would be considered way too deep of a retracement for the consecutive higher lows and higher highs that we're expecting. 

Conversely, below 2700/2712 would start to open up the odds for the market to re-attempt that 2680 level again. If you recall, 2680 is the next significant support we have underneath 2700 that the bears failed to accelerate into last week as the market "sticksaved" at 2693.25.

For now, our 4-hour projection chart remains our thesis, and we'll adjust if needed if or when market demonstrates a different picture.

See charts on the Emini S&P 500. 

Ricky Wen is an analyst at ElliottWaveTrader.net, where he hosts the ES Trade Alerts premium subscription service.

 


| Digg This Article
 -- Published: Monday, 2 July 2018 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2018



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.