Transcription
Hey everyone, hopefully you're having a good day. My name is Andy. My channel's Finding Value.
Uh, today we're going to do our daily technical analysis, updated commodities, work our way through the dollar, yields, precious metals, and commodities ETFs that I follow. I'll interject my financial opinions as I go through it together.
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All right, let's dive in, take a look, see what's going on today. Starting with the DXY, we've got a slightly lower dollar. I mean, slightly. Uh, it did travel back down and received support coming back up. That's what the wick at the bottom reveals. So if we were to look at this on a short-term view, we came down and we came back up, and that's what creates those wicks, the wick at the bottom there, and that is support. Uh, means that uh, we are getting support in this area and that we are just not flying lower uh, uncontrollably, so to speak. So we could be finding some support right where we're at.
The 2-year yield's down 66, but again, we're finding support. That's what the wicks at the bottom are. Whenever you see these wicks, that is all support to try to push higher, push higher, and potentially push higher. That's where you, where you usually find those wicks. And then opposite, you find wicks at the tops where you find resistance. So, we're not flying lower. We're not breaking out of the pattern. We're still contained within the pattern and we have some support being shown today as we come off that bottom.
10-year yield is down .7. We're at resistance. We have been consolidating at this resistance. Could be a flag pattern. Could be a pennant formation, depending on how you draw it. And we'll see if we can punch through this or if we roll over and down. Now, Trump and a lot of these other guys, they want this to go lower. I'm not sure if they're going to be able to get it to go lower. We're at the end of this pattern coming up. You can see us squeezing into this corner here. So, we'll see which direction we, we go.
The 30-year yield is down today, but we've broken and are above support. So, that is bullish to go higher. So, we've got the long end of the curve looking good to go higher. Short end doesn't look that bad. And the dollar looks to be finding some support. Bond prices are up and that does, I'm going to remove my downward candlestick or downward arrow. This is a reversal candlestick here. So, we'll see if we can get some, what kind of drive or momentum can be driven from this reversal candlestick and see what it looks like. The two and the 10, uh, we, we're getting some support right where we're at. We have a hammer candlestick, which sometimes can be a reversal candle. And again, we'll see what the follow-through looks like over the next few trading sessions.
TYXTNx ratio is up a little bit. So, we had a flat dollar, a little bit higher on this, and this generally is a little bit of a tailwind behind gold. Gold was down $1.4. So, basically flat. We do have resistance here. You can see the wicks at the top. You can see that the opening and closing prices, which are these small little guys here, are, are equaling out. Uh, what that looks like if you were to kind of zoom in, it just means that we are coming into where things are starting to equal each other. You're consolidating to a point, probably consolidating to another breakout, would be my guess. And you usually sometimes it consolidates uh, underneath, you know, resistance, and we'll see if we can break higher.
Silver's up a little bit today. Uh, another one that's consolidating a little bit sideways. Uh, today, just a small up candlestick. Platinum's up quite a bit. 3.34%. Nice big move these past three, four trading sessions. Looks good to continue higher if it wants to to move on up. It looks good. We are in an uptrend move and things are moving. Uh, almost to $1,900 an ounce. We're at $1876. Palladium up 2.2%. 2%. That's also moving higher. So that's looking good.
Working its way on up to gold ratio. Uh, we've got a small little pullback here. Still looks nice, tidy, and tight. So, what this means is that I think we are consolidating to move higher. Uh, because we haven't, we don't have a ton of selling pressure. It's not following through. I think it looks decent to move on up where the gold and silver mining companies could outperform gold still. We've got GDX, uh, sideways today and again, not a lot of selling pressure. Not a lot of selling pressure. So that's good to go higher, not lower. GDXJ, same thing. Silj, same thing. Looks good to try to work its way on up.
Crude oil down 2.82%. And they're seeing a whole bunch of stuff on Twitter about how bearish crude oil is. Well, that doesn't matter. Everyone's bearish at lows. That's how the, that's how the herd thinks. Now, this is a pretty big down candlestick. They released news about Russia-Ukraine peace efforts trying to push this as low as they can. Let's zoom in, see what it looks like. Yeah, we're still kind of in a little bit of a downtrend here. I don't think that's reversed yet, you know. So, we'll see what happens. We'll see if this is, if this can reverse or not. And uh, right now, it does look a little bit bearish.
Now, the opportunity is here because oil is cheap against everything. And we are coming towards the apex of this corner here. Sometimes we move lower and do a false breakout slingshot where it comes down and then slingshots up. Is that the case this time? Always difficult to say when you're going through it real time. Uh, but we'll watch it. And right now, we do have a pretty strong down candlestick and we'll see if we can get any support here or not.
DTF gas down a little bit. Uh, that's in a downtrend still. We've got natural gas in America trying to find support in the circle that I put, and that's on top of this channel there, this big downward channel. We're sitting right on top of that channel. But I, I would look for a potential reversal here to move higher in that gas at some point next few trading sessions, is my guess. Doesn't mean it has to turn on this. We could even go down and do that.
So, the boy XOP, yeah, you know me, getting kicked in the nuts today, down 3.8%. You can see we had a little bit of a move lower before this. So, yeah, we did go down lower today. We're still above support and still below resistance. Not, not really. There's not a big change here at this time. There's no trend being set or reversed or anything. We're consolidating still. OIH also selling off 4.45. We were up against some resistance. Another nut kick here. Um, you know, we got a little bit of buying pressure. I wouldn't say that's a reversal by any means, but yeah, we're pulling on back. The momentum is down in the short term and we'll see if we can reverse that or not with time. And what I said before, [clears throat] this pattern here could be a shoulder, head, shoulder, shoulder, a head, and a shoulder. So, we might even be able to pull back as much as 262 on OIH to to get a full inverted shoulder head shoulder uh, experience here.
Newcastle coal futures down slightly. We're in support. Not saying much is really happening right here. And we've just been chopping sideways. Sprout physical uranium trust, that's chopping sideways in support. There we are directly in the middle of it. Uh, the uranium futures pricing is heading a little bit higher. That's looking a little better. Still looks bullish to me to head higher. Uh, URA is down 83%. We had some strong selling pressure the past two trading sessions. Today wasn't really a strong pressure selling pressure day. Um, you know, when, when I look at these things, guys, like you kind of go crazy when you look at these things in the very short term. Um, I look at this and I just see, you know, a good entry point, you know, probably here because it's squeezed into a corner and here on a retest. And then when you're in between here, I don't really do anything. Yeah, it's pulling back. Yeah. Blah, blah, blah. It's, I, I don't, I didn't do anything here or here. I didn't do anything anywhere here. So, yeah, it's pulling back. Does it scare me? Not at all. Because we're in an uptrend. There's the uptrend. So, could we pull back all the way here? We could. Could be a good buying opportunity if it does that, but it may not do that. Uh, and that's where you got to live. You got to live in the uncertainty world. It's like, oh, if it pulls back and I see it here, I'll buy it. If it doesn't, I already have a position. I'll just ride it on higher. That's kind of the mindset that's deployed.
Uh, URMM, uh, down a little bit, down 1.5%, but it's still in the big support zone. If I were to uh, extend the box. There we go. URJ down a little bit. It's not a lot of selling pressure. It's still looking okay. We got nickel up a little bit. That's holding in that support box. We've got copper down a little bit, but that's not, it's not doing anything. It's just holding. There's no downside momentum being generated. No large selling pressure. We're kind of just hanging out by all-time highs almost, which is generally bullish, not bearish. And that does not mean this does not look recessionary. It just looks like we're doing a consolidation here. Goodness. And we'll put this here, some sort of pattern like that. It's just consolidating.
TOPX, it's consolidating sideways. It's already broken out. It's at like all-time highs. So, again, it's just consolidating up there. Nothing real big going on. Lithium down about a percent. It's at support. It looks fine to go higher. It looks good. RMX is down 8%. We're up underneath resistance again. We're in an uptrend and I don't really see, it's no lower low. You know, there's no new low here. There's nothing really going on. This looks like a big consolidation uh, zone. It also kind of almost looks like that we could head higher soon. Kind of take this all out and then you sometimes see these patterns where it comes here and then it comes like this and then we roll on up. This pattern is the same pattern as when silver broke out and copper uh, and gold. It's like developing that consolidation pattern before a breakout. Kind of like this one here. You get like a draw and it does something like that and then it, it's like that pattern there. I see them all, all the time.
Uh, we've got iron ore up 33. It hasn't broken out yet. At least it's generating a little bit of momentum. Still in that resistance box. Aluminum's up .3. Still in the resistance box. It looks good. We're sitting on top of support, guys. This is bullish to go higher.
Baltic dry index is slightly lower and we're back in the support region. Emerging markets is down 2%. Someone said, "Oh, emerging markets is rolling over." No, this is not rolling over, guys. It's not. Rolling over is when you get like big selling pressure, like a big bearish candlestick, like you get these big wicks at the top, you get a big selling pressure candlestick. Uh, yeah, could this do like a, uh, like a loop or something? Yeah, that's probably what it's doing. It's a consolidation. Um, I don't see, I mean, there's a, you know, there's some selling pressure here, but those were on those, those days that were really weird. So it looks fine. Yeah, we gap lower and it stayed. I think we'll be all right. Even if we pull back some, even if we get, you know, pull back, this could be a consolidation here. I mean, that's really what I'm, I'm looking at. Uh, but even if we pull back, I, I wouldn't get bearish because we've got everything in the, in the world aligning for a commodity bull market and a weaker dollar at some point. And emerging markets is, that's when they go up.
MOO still putting in that right-hand shoulder. No new update there. Uh, K down slightly, but it's still above support. It's chopping sideways. Not much selling pressure. No reversal candlestick. Still above support. Still bullish. XHB down a little bit, but again, we're above support. We're underneath resistance and it's not, there's no big selling pressure. It still looks bullish to me.
Russell 2000 down slightly. Not a lot of selling pressure. Still looks okay. We've got S&P down slightly and we're still above this support structure there. So, it still looks good. Nothing to worry about yet, at least. NASDAQ was up a little bit. We're at support. And again, when you, when, when nothing's kind of breaking, you're just kind of chopping sideways and there isn't that much selling pressure. Kind of just have to wait to see where it goes. No, there's no fireworks here, guys. Nothing, nothing to see. DJT small selling pressure, still looks good to go higher. And this, this does not look recessionary. Recessionary is when it drops. Uh, that would, that would look more like this. So XLI, uh, above support, looking good. Not a lot of selling pressure. Consolidating above support is bullish.
SMCI up a little bit, but still looks like total butt. So I guess I wouldn't go into it. Nvidia is up a little bit, still below this inverted flag pattern. It still could head lower. Um, doesn't mean that will play out that way though, guys. I mean, these are just patterns, you know, just, just patterns. Relax.
Bitcoin up 1.77, still underneath resistance here. So could be an inverted flag pattern that we had lower. Ethereum down .7. Could be a bearish pattern. Uh, this is your consolidation and then it breaks lower, that moves on lower with Bitcoin perhaps. Micro Strategy is up 3.33, but still looks like butt because it's not a reversal candlestick and the downtrend is still intact. It's an inverted bloody nose and you can see the worry on its face there. Very worried. And then that is my guess of what could potentially occur.
And then the VIX is down. It's still being controlled within the rectangular box and it's, it's holding on right at the moment. Uh, so that's what I've got for today, guys. That's, that's what's going down. Give me a thumb up for the content. Subscribe to the channel. Subscribe to the website if you like. "Special" is the coupon code. We've got midweek update being released later today or tonight, I should say, about my opinions, what I like in the market, and what I would be doing, what I'm looking at. Uh, and yeah, you can hear the companies I like and and what I'd be doing. But that's all I've got. So, we'll catch you next time, guys. See you.