Palladium – approaching key level … important to NASDAQ

last post on Palladium:

as you can see, Palladium is tracking down into our level ID’d above back in September. additionally, you can see that they track each other pretty nicely. it’s NOT exact but the general trend and flow is pretty much the same…

during this sell off in Palladium, the NASDAQ 100 has held up pretty nicely and we are approaching a level on the Palladium chart that represents the LARGEST corrective move in the past 15+ years. this measured move is key …

time to play IF and THEN …

IF we hit the level below on Palladium AND it holds THEN I would look to be a buyer of the NASDAQ 100. note, we have a LOT of thrust coming into this level so let it shuck and jive and look for a weekly signal reversal candle on palladium (in this case the HIGH of the candle that makes the low (the wick is included) on a weekly close above is a signal reversal candle or SRC)

keep an eye out for Palladium in the lower blue blox

last post on palladium:

note, Palladium did not take out the low from a couple days ago BUT sure does look like a dead cat bounce . that being said, corrective forms are usually 3 waves so perhaps we go up again to finish off the correction or we just dump lower from here .. that is the question.

either way, the amount of selling and thrust right now begs of caution if long but you might want to perk up as we go into the 1500-1700 level on spot palladium.

also, don’t need to catch a falling knife so watch this level, let it bang around an, perhaps buy on a retest.

Palladium and the dead cat?

last post on Palladium:

think about it … went to a long term Palladium chart and was able to calculate the low of 80 ish in Jan 1991 (yeah, 30 years ago) and then figured it was close based on the sell off .. well we hit it and YAWN HO HUM I would expect it to EXPLODE off that level … certainly looks like a dead cat bounce to me … hmmm

I like the lower blue level for BIG support and then, perhaps, a chance to buy or get the bounce and exit before it really gets ugly. (hint hint – it isn’t yet)

Important Correlation

chart below has Palladium w/ the NYSE Index overlaid on top.

the candles are Palladium and the blue line is the NYSE Index ($NYA)

note, currently, Palladium is correcting pretty steeply … in the past, this has led to the overall stock market to correct also. is this time different?

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