Gathering perspective after a blow off in Silver

As an intraday day futures trader, I try not to give much weight to longer term charts, because price will tell me whether to be long or short intraday. I don't really care where the market goes, just as long as there is volatility along the way.

But every now and then I still look at the daily charts, just to get a bit of longer term perspective back.  It's good to be aware of any important support and resistance that could create intraday reversals or breakouts. 

I don't know about you, but the sell off/blow off top/correction in silver and oil had me occupied most of the week.  When I looked at the daily charts of the indices, it felt like we should be a lot lower than we are.  The truth is the market has held up very  well, and it doesn't seem like the uptrend has been broken.

The daily charts below are using the same indicators that I trade intraday futures with, they are trend and momentum based.  Occasionally there are whipsaws and each futures instrument tends to have its own setings, these daily charts are using the defaults.  I was impressed about how well they caught many of the trends on longer timeframes.

If you want to check out the complete watchlist or any of the past watchlists, simply sign up for a 2 week free trial.

This week the community did very well, not only in the futures, but using the weekly options to find a nice pin on SLV.  One of the best things about this community is we have no ego to overcome, everyone is interested in making good trades and offering a helping chart or analysis when its needed. There is no chest pounding.   

My personal thanks to jgwilson929, for MPEL and SLV premium sells.

Here are just a few of the stocks that were mentioned by our community members.

SGI MU LYV AYR PDLI SIRI KLIC DELL BHI ITW GS NVAX PCX XIU WLT
 

 

All That Glitters

You might hear some traders talk about the historical gold to silver ratio.  These charts hint that there may be more correction in silver to come, or perhaps a rise in gold.

 

Pigs get slaughtered, and there were and probably are still lot of pigs in silver.

 

Silver Correction – Gold is hanging tough

Bottom line is silver looks like a penny stock chart, it got out of hand, people got hurt.

Silver may have found support, there are definately some key levels to watch below with $40 being resistance.

Gold corrected as well, but nothing more than what the indices look like.

The next few weeks will determine if we bounce at support and grind higher throughout the summer or not.  Either way, it doesn't much concern me, just give me a decent intraday range along the way.

 

The SPY, IWM, DIA, QQQ

S&P 500 ETF (SPY) looks fine – uptrend intact and finding support at 133 (1330 /ES).

 

The Russel 2000 ETF (IWM) is a bit weaker, but the uptrend has no been violated.

 

NASDAQ (QQQ) is strong – tech is something to watch for a breakout.

 

Dow Jones ETF (DIA) looks well withing its uptrend channel.

 

Partial Watchlist

Here are just some interesting charts from my basket of stocks.  Before trading futures I used to trade a small basket of about 20 stocks.  I would rotate the ones that were going 'flat' out with whatever stocks were the flavor of the week.

While doing the watchlist for this week, I thought I would put up a post with some charts.   I left my momentum indicators (candle colors) as well as the GMMA on the daily charts.

AAPL AMZN BAC BIDU DAN DELL GEOY GNW GOOG GPK IO JNPR KFN KLIC LUV MCHP MON MPEL MS NFLX NVE POT SBH SOHU

 

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