We did not get a gap down as we could have easily gotten given the more negative extreme action in some overseas markets.
The $NYMO ~ - 80 probably gives us a bounce here today or tomorrow, and it looks like we are trying to make it today. 3/8 was supposed to be a bottom by Harley.
We got the same rally up to the downtrend line this morning that we have gotten the last couple of days; however, we didn't go through all of the retracement prices and have held at the 61% retracemt of the rally off the bottom. We have made attempts higher and have managed sideways action just under the 270 area. That it the main difference, so far.
I didn't think we could grind out of this (and we may not be able to), but if we can get above 270.5 and make it our support, this thing has the potential to be over. We will see.
I noticed the gold stocks are not dropping the same amount as the metal is over the last several days, and it appears to me that we could put in a bottom if we can manage to go sideways over the next 4-5 days through the Fed mtg. I am suggesting we don't see the same action we did in Dec hike, but that could drive us down to 1183 anyways. I am looking for gold stocks to rally over the next 4-6 weeks after the Fed hikes.