TransOcean (RIG) is starting to hit higher highs and higher lows. This weeks high continues the trend.
The SCTR shows the stock being a top performing Mid Cap for the last three months. The full stochastic shows the price staying near the high end of its range. The green line shows the closing price relative to history. Clearly the momentum is up and the stock looks set to continue. With lots of energy stocks continuing to soar to new highs, a broad move is happening.
Here is the fresh new July 8th edition of the Commodity Countdown. I focused on the important resistance on the bond charts as well as the currencies. There are some important correlations between the $USD and the $SPX that need to be watched closely. The ugly Copper chart is discussed as well as the broader breakdown in Industrial Metals. This may be one of the areas hardest hit by the tariffs so we'll keep watching the charts there. Oil held above the 50 day moving average, but Natural Gas, Heating Oil, and Gasoline all fell below. I discussed Gold and Silver and added some very important notes to the Gold chart this week.
The Nasdaq and the Toronto Stock Exchange both tried to rally this week to resume their breakouts to new highs. There was some improvement in the precarious Bullish Percent indexes.
The Final Bar recording for Thursday July 5th contains information on the potential for rollover in the $USD. It also covers the recent surge in the advance/decline data.
For Canadian investors, here is a copy of the most recent Canadian Technician video. Canada suffered a failed breakout to end June. But if you are interested in Gold and Silver stocks I roll through 40 of them.
If you are missing clues on signals in the market, follow me on Twitter and check out my Vimeo Channel often. Bookmark it for easy access!
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts for Dummies