Monday November 23rd I had another great discussion with Cris Sheridan from FinancialSense on the continued progress of this bear market in 2022 and what we need to see for it to end. We also discussed gold and silver, the U.S. dollar and Bitcoin in the interview.
Highlights of the interview include:
- Gave an overview of the 4 stages of the Stage Analysis System
- Discussed how the S&P 500 has had another countertrend rally but not many leading sectors have emerged
- Price action in the S&P 500 is at a crossroads
- Bulls have more to prove than the bears since new leading sectors need to emerge to end the bear market
- When we came out of the 2020 panic more stocks were breaking out on big volume
- This is still largely not happening in this bear market
- Silver started to base sideways in July 2022 while the U.S. dollar continued higher
- This was a key non-confirmation and potential bottoming sign in the metals
- Silver and gold also completed failed breakdowns which are common patterns in Stage 1 bases indicating the bears no longer have control of the market
- The volume coming in the precious metal ETFs SLV and GLD is still on the low side
- The metals also have overhead resistance still after their Stage 4 decline
- This might indicate they need more time to base sideways before breaking out into Stage 2
- Bitcoin now has a ton of overhead resistance after its Stage 4 bear market while the precious metals have much less resistance
- Silver has a large base that could produce a big move higher
This was the interview I did with Cris in May 2022 discussing this bear market:
I’ve also done a few other interviews with Cris from financialsense.com in the past which can be found here:
Finding Bull Markets Using The Stage Analysis Screener – Interview With Financial Sense
Full Audio Interview With Financial Sense On The Stage Analysis Screener
Get more info on Stage Analysis or Stan Weinstein’s book
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The views and opinions expressed are for informational purposes only, and should not be considered as investment advice. Please see the disclaimer.