Market Recap 1/24/22

SPX is still at the big red downtrend line. The S&P 500 still has overhead supply issues to work through as the index sits below its recent high of 4100.

The market rally traded in a relatively narrow range Tuesday after big gains in the prior two sessions. The major indexes closed mixed. The Nasdaq retreated as the Justice Department filed a second antitrust suit vs. Google.

GDX (gold miners) triggered today as well as the new addition gold stock AGI.

The gold miners (GDX) have one of the most beautiful bullish bases you will ever see. Hopefully, it validates higher in the coming days/weeks. NUGT is also a more aggressive way to play GDX as it is a 2X leveraged ETF.  Identical charts.

It seems the market is in the process of discounting “the bad” as we are seeing great movement in tech (low rates) and housing stocks which are starting to sport more bullish charts.

Biotech (XBI, IBB, LABU) looks to be on the cusp of exploding higher. We’ve been fooled before in this sector but the chart is bullish for now.

A consolidation/slight pullback period would be healthy here. MSFT reported after the close, it was +$12, now red. Could be a sketchy tech open tomorrow.

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