Weekend Augusts 18, 2019
The weekly charts indicators usggest we have further to go on the down side.
MACD is just breaking down at bottom.The MAs in the main chart have come together which is usually a sign of a change in direction. ANd with multiple varying signals on th tariff trade wars, riots in Hong Kong and Moscow, collapse in Argentina and Venezuela, crisis on the border, and ten years after the low of March 2009, Xi will surely wait for the elections before agreeing to anything, well, stand by.
Transports were actually down for the week.
Russell 2000 looks very much the same. And given the seasonal weakness of summer, here is best guess for a low.
DJIA
Crude Oil and Stocks have traded together with oil leading the pair lower.
Note the similarity of the oil and then the DJIA chart above it.
RIG just made another new low, AXAS is trading at 50 cents,
Hard to get bullish on oil and here is why
weakness in energy and energy service shares, XES at new ten year low
plenty of world supply
economies slowing, less demand
new laws against carbon auto emissions in European cities by 2025.
cold weather months away
natural gas still making new lows.
Gold
How bullish is the new bull market in gold?
Gold could certainly correct here. This may be a Wave three following a Wave one and then corrective Two into the May low.
So expect a fourth wave correction but this all may be stronger than most think.
Silver
Silver has finally broken out of tis downtrend. Looks like good support at 16..25-16.50. Add there on any pullback.
Social mood remains negative world wide not just in the USA.
Germany
Unlike the USA, German stocks did not make a new high on the re -bound from December.
Hong Kong
Needless to say none of this is playing out well in Hong Kong.
This past week a 92 year old told Kamala not to mess with her heallth care.
Dems have been completely tone deaf to the 170 M who like their plans.
Biden's bid is likely to fail just as his pas efforts have failed.
Which leaves no Adult Dem in the race.
Insults are exchanged regularly between Trump and various Dem candidates. The two Squad members headed to Israel were denied entry.
Trump told no on Greenland. (?)
All in all look for more correction in markets until some bottom forms.
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