The Charts of the Day
- Posted by Robert Sinn
- on April 25th, 2012
Today’s action was impressive on many levels: Almost all of Monday’s hammer candles confirmed higher today, many stocks on my radar (some of which I am long) closed at session highs on heavy volume, after narrow-range choppy trading throughout most of the session the heavy buying in certain names at the close was noteworthy. Here are my charts of the day:
Click to enlarge
$GDX – The gold miners have been beaten to a pulp over the last two months, however, the hammer bottom reversal formation formed over the last three days certainly looks as though the worst may be over for now.
$GDXJ – The junior gold miners haven’t been able to find a bid for weeks but a double bottom may finally be in place.
Andrew Nyquist posted the following DeMark weekly buy setup last week and thus far it is looking good:
$GVZ – gold volatility spiked higher leading up to the FOMC announcement and Bernanke presser but sold off sharply into the close. It appears that market participants believe that gold will continue to oscillate in the mid-1600s for many more weeks:
$DOW – Very strong volume buying into the close causes DOW to breakout above 36.
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Robert Sinn is a professional trader and market analyst who focuses on multiple asset classes including equities, futures, options and currencies. He integrates fundamental and technical analysis. More »