Short Term Chart Roll Call
It’s summer in the Northern hemisphere – which means days are longer, the skirts are shorter, and equities are flipped into in sideways mode. Trading the swings today and in the past few days may be to the liking of you hardcore scalpers but I personally use it to hone my skill in practicing patience. Always remember – *you don’t have to trade* as in sessions like these the odds of success are rather limited. Leave it up to the bots to sling it out with each other and save your coin for a better day.
Now, that doesn’t mean that the daily charts aren’t able to tell us a little about the road ahead, therefore it’s time again for my short term chart roll call.
Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
Silver has been in sideways mode for weeks now – which I incidentally suggested at the end of May. We now dropped through the current NLSL but the first target is near so I don’t see much of an edge here. If we however drop through 34 then we may actually go all the way to 30.
Copper is extremely fascinating right now. As you can see we have been bouncing inside some kind of flag and there was an attempt to breach the upper boundary today – which failed. That line is also coincident with the current NLBL, which is strike two against a push higher. Now we also got rejected by what appears to be a diagonal up-trending line, so who knows what’s going to happen here. One of those lines is going to give and if it’s the diagonal then we probably drop back to 3.95.
Last but not least the spoos – as you can see we are somewhere in the middle of nowhere and this sideways action could prolong all the way pat 4th of July. Note those two net-lines – which ever direction gets breached will lead to an acceleration and a stop run.
As you can see we are currently bouncing between a volume hole and a volume abyss. Not enough mojo to drive it higher but I also don’t see too any volume supporting a run lower. The summer of sideways horrors is upon us 😉
Enjoy your weekend, steel rats. I suggest you spend some quality time with your loved ones, perhaps head to the mountains or watch some waves (and bikinis) at the beach – life is too short to watch tape like this on a Friday afternoon.