The HUI ended up 1.30 points (0.71%) with a close at 185.70. On the daily charts both the fast and slow stochastics are heading downward. The K line of both stochastics are entering into oversold territory. MACD is relatively flat in negative territory and no positive divergence.
GLD ended down -$0.30 (-0.25%) with a close at 118.02. On the daily chart both the fast and slow stochastics are heading downward with the slow stochastic fully imbedded in oversold territory. MACD is downward and in negative territory.
SLV ended down -$0.02 (-0.13%) with a close at 15.71. On the daily chart the fast stochastic is heading down. The slow stochastic is flat with no negative crossover and still out of oversold territory. MACD is flat to positive still in negative territory.
Today the HUI opened at a familiar number 184.05 during the first hour of trading the Bears pushed the HUI to the low of the day at 183.79. Today's low took out the low of June 20th. After the low, the Bulls pushed the HUI to the high of the day at 186.38 registered at around 2:00 pm. For the next hour and half the Bears drove the HUI below 185.03 down to 184.78. In the last fifteen minutes of the session the Bulls drove the HUI back across 185.03 and into the close at 185.74.
On the intraday 30 minute chart the Bears scored their single hit of the day at the high of the 11:00 am bar at 185.04 (actual 185.06) which is also essentially the same as the daily target number of 185.03.
For two days the HUI has been meandering around 185.03. Yesterday's close was a few points outside of a target hit to the downside and today the close was a few points outside of a target hit to the upside. The Bears had all the advantage today the internal indicators for the HUI are all to the downside. And yet, the Bears could not press the advantage passed taking the HUI a few points below the last low on June 20th. This day could have been a wipe out but it was not. The Bulls attempted a rally but were drawn back. When the market tightens up like this usually a big move resolves the matter either up of down. And since next week we will celebrate the 4th of July why not have some fireworks.
On Monday the Bears must take advantage and drive the HUI down through 185.03 and down to the next daily target levels of 181.84, 176.18 and 167.86. On the short term intraday 30 minute chart the target numbers that I have posted for the last 3 days are still good. Time is running out on the Bears. I have previously posted that I believe there will be a change of trend for the HUI during the period from June 20th through July 14th leading to a summer rally. The only question is where will the rally begin here at 185.03 or some place much lower.
For the Bulls, hold the 185.03 level and take out today's high of 186.38. On the short term chart, based upon the movement in the 30 minute charts and based upon the new low set today, the Bull target numbers are: 187.04; 187.9; 188.67; 190.28; 191.90 and 193.54. If the Bulls take out today's high, I will add long positions. Unlike the other two rallies that I posted about I think if it happens this one might have some legs to it. I did take small long positions today when the HUI broke 186.14. Stop loss is very tight as this is still a gambler's market. If the Bears take over then I will close the longs and chase the short.
These are just my thoughts not advice etc. I would enjoy reading comments. upvote - follow etc.
Enjoy the weekend.
As for Monday good luck and happy hunting.