Finance Unfiltered

Gold was a %b buy on a break of yesterday's high for me. It needs to follow through with a daily close above yesterday's high. As I stated on an earlier post, I was watching for buy patterns since we pulled back to the weekly rotation zone. My first target for raising a stop on a short term trade is the 3112 area, on a close above that area, the probabilities shift for a rested of the 3170 area with a minor target of 3140.

On a break to new highs, the intermediate harmonic target is 3,230 and a major harmonic cluster is 3,260. - Mike

Since everything in the markets are trading off the latest tariff headline we will continue to have a lot of volatility which is why I need to depend on technical analysis to help me determine the probabilities associated with the next move. The price action yesterday was consistent with a short term capitulation bottom. We just retested the highs from yesterday and could not sustain a move above them. The key pullback area is between 5068 and 5009 for the S&P June futures. I will be watching for support between those areas, however if we close below 5k again then the probabilities shift to potentially retest Monday's lows. - Mike

The Micro 10 Year double bottom I posted last night played out nicely, all 3 targets hit. - Mike