MARKETS ON THE EDGE OF BIG MOVES:
Crude has been warning us all week that it is tiring and hit 7689 overnight which is a more bearish signal but that the market has to take out 7500. Silver again failed to break out overnight and take out 2790 and if so it may only go to 2820. Gold is treading water and we would be thrilled to see 2360 and worry about a break into May 21st to 2272 or 2224. Copper put in a topping signal and is generally in trouble until June. Platinum should fail at 1000 and come off with gold and silver. The metals complex is telling us that it wants to start a deeper correction unless some X-factor appears with Russia or the Middle East.
. Stock indices completed minimum upward targets for the year and are coming off but we need 5120 on S & P cash to come out to give a confirming sell signal. Natural gas continues to look firm and has stayed above the key 2.21 area and has put in a 4 year low and looks good for investments with UNG.. . Bitcoin continues to fade and we have weak cycles into Friday and if NQ confirms a breakdown, then we worry about a fall to 50000 before the market comes back.
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