We have just gotten a good bounce today on the S&P 500. I was thinking about a short term trade for this bounce but decide against it since im going against the tide. The trend is down but as you can see on the chart below, we are near the november ’08 lows.In fact we have breach it.
One thing i learn was that breadth oscillators can stay oversold in depress conditions for some time. MACD on the above chart shows negative divergance. This probably means we are gonna breach to lower than november lows.
When i am out of it, i will look at resistance at 794 on the index. Since its a 2% gain, the risk vs reward is not worth it. The market is there to serve and we can just see whether the mkt is telling us its going higher or lower.
Gold ETF (GDX)
Today‘s move came out of the blue. An almost 8% down move in the GDX and 3% in the GLD. I suppose, the technical indicators on MACD indicates the upside shorterm wise is perhaps limited.
You would have observed a blue rising wedge. Supports is near the 28 dollar region.
Support for GLD:
- USD 910
- USD 860
Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.
Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.
Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Insurance Start-up Havend. All opinions on Investment Moats are his own and does not represent the views of Providend.
You can view Kyith's current portfolio here, which uses his Free Google Stock Portfolio Tracker.
His investment broker of choice is Interactive Brokers, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.
You can read more about Kyith here.
- My Dividend Experience Investing in UCITS iShares iBond Maturing in 2028. - April 23, 2024
- We Invest into Popular Funds When They Are Popular, Exactly When They Started Turning to Shxt. - April 22, 2024
- Meal Prep 2.0 – Cooking Your “Go-to” Meal that You Look Forward to Eating Everyday. - April 21, 2024