Boy I sure should follow my trade plan. If I had I would still be long the SPY. This just reinforces the need to stay on plan. This move above the previous resistance is pretty strong. It look for a little bit that the volume was not there. Now we just have to wait for the pull back. going to see where it comes back to. Once the swing high gets established I will have some levels to work with.
The dollar is finally giving up the ghost. I was talking with some trading friends and they put it well. They said it looks like inflation is coming. So the big guys are setting up for this. Dollar down gold up.
Barring a catastrophe, Oil is bottomed out. Down trend is over for now. Look for a swing high pull back. May not be far from here.
I have swing trades on for the GDX and GLD. If the inflation play is on this will head to higher ground. I went back a couple of years and found the level that I placed on this chart. See if pulls it up. We do not have a swing high.