Marc Chandler – US Economic Data Is Moderating While central Banks Ramp Up Tightening, Here’s What To Watch Moving Forward
Marc Chandler, Managing Partner at Bannockburn Global Forex joins us to recap recent US economic data and the increase in central bank tightening policies. We relate the data and policies to moves in markets and currencies. It appears the tightening trend will continue which means volatility will be here for a while longer.
The important “P” pivot provided support to the penny today. A single close below it next week will probably mean the May 19th gap will get filled. Actually, even without a close below that pivot, we could very well get a gap down on Monday and a quick 6-7% drop to that gap. That would be fine with me…
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=11&id=p29630124161
There was little chance of a positive day today among most small cap miners since they ran into steeply falling Bollinger Band resistance yesterday…
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=3&dy=0&id=p49261663159&a=1179315544
Yeah, I was wondering if we’d see any more follow through today, but the junior silver miners really ran hard yesterday up to that upper BB, so not surprising to see them deflected back down to give up some of those gains today. Still, that was an epic daily candle yesterday.
gld week…i am trying to avoid being granular….but a close below 172.85 just means we have a bit more testing work to do before a rally mode kicks in…imho
https://tos.mx/hVqJ5ds