Michael Oliver – Technical Momentum Setup In US Equities, Gold, GDX, Energy, and Grains

Shad Marquitz
February 12, 2024

Michael Oliver, founder of Momentum Structural Analysis, joins us to review how is seeing the technical momentum setup in the US general equities, gold, precious metals stocks via GDX, energy stocks, and  agricultural commodities and grains. 


We start off getting the momentum framework he is viewing the US general equity markets through, and noting the narrowing breadth in the weighted indexes, compared to the overall broad markets not being as strong.   He outlined that a few sectors like healthcare and industrials did finally get moving back to new highs, but that this market pattern overall is very similar to the periods of time in 2000, before the Dot Com bubble popped, and 2007 right before the Great Financial Crisis.  In both cases, momentum analysis warned of a bear market, even while market indexes made new highs, and then the larger correction down began in earnest.


With regards to gold, Michael postulates that when the US general equities do roll over and begin a bear market, that a portion of investors will turn to gold and the gold stocks.  He points out that currently gold has been holding up above $2000 and that it is already picking up on the degradation of the value of the money unit, but that there is still a big disconnect and undervaluation seen in the gold stocks. He expects that the gold stocks can start moving soon, along side gold, and lays out some technical levels to watch for in GDX.


While Michael continues to see strength in the overall commodities sector relative other asset classes, he expects the monetary metals of gold and silver, and the grains, to have more upside relative to other areas, including the energy sector.  




Click here to follow along with Michael Oliver’s work

    Feb 13, 2024 13:15 AM

    AI Frenzy Puts Nvidia Ahead Of Amazon In Market Value

    Reuters – Mon, Feb 12, 2024

    “Nvidia briefly surpassed Inc in market capitalization on Monday, as the euphoria around artificial intelligence catapulted the chipmaker to the fourth most valuable U.S. company.”

    “At a record high of $734.96, Nvidia was worth $1.82 trillion in market value, compared to $1.81 trillion for retail giant and a few billions away from Google-owner Alphabet’s $1.87 trillion, according to LSEG data.”

    “The last time Nvidia was more valuable than Amazon was in 2002, when they were each worth under $6 billion.”

    Feb 13, 2024 13:57 AM

    day GDX should bounce at 10/4/23 swing point….No idea what happens next….the weekly GDX is still in a significant downtrend w no bullish candles…glta

      Feb 13, 2024 13:39 AM

      Looks like a toss up…. …. I am going for the “up”.. in the toss… 🙂

    Feb 13, 2024 13:03 AM

    For my 2 cents again…I think no bounce in day /GC chart until 1:1 ABC down target hit at 1938….note , we are breaking the nearby ABC down, B point today with big volume…So maybe 5 more days of capitulation?

    Feb 13, 2024 13:11 AM

    Strength in the comodities, gold holding? hmmm tanked what? 30-$35.
    Must be a good time to buy. 😉

    Bitcoin seems to be holding about 50k.

      Feb 15, 2024 15:36 AM

      What a difference a day makes….. 🙂

      Feb 15, 2024 15:37 AM

      E.Warren out with BITCON FLAG WAVING…. lol.. what a hoot…

    Feb 13, 2024 13:33 PM

    How are you going to get a fair price for gold or silver , when you have rigged ETFs….
    Means nothing…. at this point.
    and now you have an ETF for bitcon….
    Only people who bought it for $1 tp 10,100 are making a killing… if, they HODL… 🙂

      Feb 14, 2024 14:58 AM

      The world is screwed up as usual…. the sheeple have a hard time seeing it…. but, now we have
      invasion of illegals running into the country…..

      Funny thing happened yesterday., My wife went shopping, stopped into Macy’s….
      behind the counter were two gals, ..checking customers out at the cash register ,..problem..
      they could not speak ENGLISH…. this is in the MIDWEST….. GIVE ME A BREAK,
      what the Heck is going on, ….already know… we are being FLOODED with ILLEGALs….
      NOTE to ILLEGALS AND BIDEN…., If, you can not speak ENGLISH, go back HOME(of course illegals will not be reading this)……
      and Learn the language, them come back the right way…….Oh, guaranteed you will not learn English HERE… EDUCATION SYSTEM IS BROKEN…. THANKS SCHOOL BOARD NUT JOBS..and STATE LEGISLATURE….