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There is a high-compression squeeze on the daily charts on silver.  Currently the momentum on the squeeze is to the downside, while indicators and momentum are all pointing higher. High-compression squeezes usually resolve to the downside.  I would be buying a pullback in silver for a move higher. The same for gold and copper.

/GC is trading above 1944

Posted by junkie on 25th of Jan 2023 at 03:17 pm

/GC is trading above 1944 resistance now. A close at this level will bring another leg up in gold.

I cannot watch ticks, as I am at work. I can watch the price. That is why you, Matt, and Steve are my eyes and ears during the day!

Thanks, Matt! I covered a half of that SPY put position just now near the trendline support. I will restore this position after a bounce today into the close.

Matt, I hold a full position on the SPY Stoch Rev trade. Please advise on the exit if different from the other subsystem. You said it could last for days if successful.

There is a trendline support on /NQ near 11650, which is expected to hold. TSLA reports later today, so an intraday bounce in /NQ is likely to be sold.

/NQ is selling off after

Posted by junkie on 24th of Jan 2023 at 06:50 pm

/NQ is selling off after earnings. My targets are 11790 and 11706 to buy for an overnight trade into the open. The stop is 11652 on 60-minute charts on the closing basis.

If the indexes put a divergent high on 1-hour charts, a pullback  will be due. The move up was too fast, so some consolidation and/or pullback is needed to resolve the overbought condition.

I am watching a squeeze on 4-hour charts to break to the downside on /GC. If played, it would send /GC to last week's low of 1910, which is a buy for a day trade.

/GC might have put a

Posted by junkie on 24th of Jan 2023 at 09:57 am

/GC might have put a topping candle overnight hitting 1940. With options expiration for February contract, the price should stay in the range for the remainder of the week.

Greg and anyone else, Chris

SPX 5 min

Posted by junkie on 23rd of Jan 2023 at 04:51 pm

Greg and anyone else, Chris Brecher teaches chart patterns for day trading effectively. I listen to him to learn. He is a very good day trader with a lot of insight.  He makes trading easy to do. You could view his videos on youtube by searching "chris brecher trader"

GDX seems to be topping

Posted by junkie on 23rd of Jan 2023 at 04:21 pm

GDX seems to be topping here with one more push up tomorrow. Is anyone protecting gains in GDX with stock options spreads? If so, what kind: vertical or calendar, and what expiry? Thanks for any input!

Matt or anyone, regarding trading the KISS system: do you recommend trading it from the EOD or from the opening?

I do not trade wave

SPX 5 min

Posted by junkie on 23rd of Jan 2023 at 03:43 pm

I do not trade wave counts, I trade chart consolidations: flags, channels, etc., the momentum, and supports and resistances.

And rates down? Or up?

VIX UP and SPY UP...

Posted by junkie on 23rd of Jan 2023 at 03:09 pm

And rates down? Or up?

COT report from last Friday is your best bet. No more recent data are available, as far as I know.

I heard an opinion that the ratio of OIH: USO ( or /CL) is too high.

thanks for a confirmation. That trade looks like another losing trade on that subsytem at the moment. Matt should clarify.

Incidentally, a low-compression squeeze on daily /ES (SPX) chart has just started firing to the upside. This thing could go a lot higher.

greggone, the symmetry is 25 points from Jan 19th on 5-minute charts. What you pointed out looks like a bull flag, a continuation pattern. Today is a trend day, so pullbacks are bought.


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