{"id":7551,"date":"2017-12-15T07:30:45","date_gmt":"2017-12-15T12:30:45","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=7551"},"modified":"2017-12-15T07:30:45","modified_gmt":"2017-12-15T12:30:45","slug":"theres-interesting-market-action-ahead","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/theres-interesting-market-action-ahead\/","title":{"rendered":"There\u2019s Interesting Market Action Ahead"},"content":{"rendered":"

I\u2019ve written four bearish articles in the Market Minute<\/em> this week.<\/p>\n

Let\u2019s go ahead and make it five\u2026<\/p>\n

The S&P 500 closed yesterday at 2652. That\u2019s right where it started the week. So, the big move to a new all-time high earlier this week has been erased.<\/p>\n

Meanwhile, the Volatility Index (VIX) has rallied about 10% since Monday, and it looks to me like it could easily spike higher. The iShares iBoxx High Yield Corporate Bond ETF (HYG), which we watch as a leading indicator of stock prices<\/a>, closed below its 9-day exponential moving average (EMA)<\/a> yesterday. Its chart sure looks like it\u2019s ready to break down.<\/p>\n

Also, today is option expiration day. So there\u2019s plenty of room for some downside volatility today \u2013 if traders decide it\u2019s time to cash in some chips.<\/p>\n

Adding to all of this, the 15-minute chart of the S&P 500 that I shared with you on Tuesday<\/a> has indeed broken down from its rising wedge pattern. Here\u2019s an updated look at that chart\u2026<\/p>\n

<\/p>\n

The chart now has support at about 2647 \u2013 which is only five points below yesterday\u2019s close. Bullish traders should be hoping that level holds up this morning. If it doesn\u2019t, then the S&P 500 could make a quick trip down to the next support level near 2635. That would pretty much wipe out all of the gains for the stock market so far this month.<\/p>\n

Like I said\u2026 today could be interesting.<\/p>\n

Best regards and good trading,<\/p>\n

<\/div>\n

Jeff Clark<\/p>\n

Reader Mailbag<\/strong><\/h2>\n

Today, metals and cryptocurrencies remain at the front of readers\u2019 minds\u2026<\/em><\/p>\n

Gold is real value. It\u2019s not digital or virtual or hidden. Bitcoin is all three, and you can\u2019t exchange bitcoin for anything other than more bitcoin or ether. Can\u2019t cash out. And it gets hacked. Majority of bitcoin volume is in Asia!<\/p>\n

Unregulated. Unaccounted for. No real physical anything behind it. Nothing but a digit. Look out!<\/p>\n

\u2013 Patrick V.<\/strong><\/p>\n<\/blockquote>\n

 <\/p>\n

It\u2019s my understanding that there is a REAL gold supply, and a FLOATING gold supply. Apparently UBS sell the same bar of gold ten times over to different buyers. What happens if there is a stock and economic meltdown? When gold buyers start demanding their gold delivered\u2026 is there going to be a problem?<\/p>\n

So you know, I\u2019m 61 years old\u00a0having done tremendous research into digital currencies such as bitcoin, Ethereum, Litecoin, Z-cash, etc. Blockchain technology does give these assets intrinsic value. I do believe these cryptos are ASSETS. Young and volatile; yes, but still a reasonable store of wealth when things get rough for the bulls. At least for the proven cryptos. Forget the scam artist. There are many true experts that know the difference.<\/p>\n

In likelihood they\u2019ll offer greater wealth building than gold\u00a0Why not encourage your readers the benefits of storing their cash values from stocks into both gold and bitcoin?<\/p>\n

\u2013 Mike F.<\/strong><\/p>\n<\/blockquote>\n

 <\/p>\n

Why isn’t the price of copper headed higher? After all, Trump talks about large infrastructure projects and the Chinese are already doing them.<\/p>\n

\u2013 Peter S.<\/strong><\/p>\n<\/blockquote>\n

 <\/p>\n

I recognize that I may be one of the less sophisticated traders among your subscriber base, but I do see something in the gold and Philadelphia Gold and Silver Index (XAU) charts that has given me a ray of hope for the yellow metal and its mining share prices.<\/p>\n

While gold prices made a new swing low just yesterday, the XAU index has been rallying for the past four days. Perhaps this kind of divergence will be an initial indication of gold prices finding their seasonal low and finally turning their sights higher.<\/p>\n

\u2013 Melvin R.<\/strong><\/p>\n<\/blockquote>\n

As always, feel free to send in your trading stories, questions, and suggestions\u00a0right here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a lot of factors at play today\u2026<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-7551","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/7551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=7551"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/7551\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=7551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=7551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=7551"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=7551"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=7551"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=7551"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=7551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}