Work Through the Maze

After the FOMC Minutes, the Dollar is holding relatively firm while stocks continue to rally. Many commodities are also reversing higher, namely gold miners, while bonds bounce, too. 

On the daily chart for the junior gold miner ETF, below, note the textbook "hammer" reversal candlestick printing off an ugly morning session. This reversal is also occurring right where gold bugs needed it in the worst way, at prior well-defined support in an ongoing bear market. 

Pending confirmation, miners may finally be seeing up for, at a minimum, a tradable snapback rally.

We still need to see how they close, of course. But at least there is the template for a potential reversal in what has been a commodities sector full of head-fakes. I discussed with Members the potential fallout of what bottoming miners would mean here, in terms of working through the maze of the Fed and inter-market analysis. 

But, for now, those recent lows continuing to hold for miners gives them a fighting chance.