Tonight I would like to update some of the precious metals stock indexes as they have been basically consolidating for the last couple of months. This has been healthy for this sector which has been on fire since the middle of January of this year.
The first chart for tonight is one of the laggards but you couldn’t tell it by looking at the daily chart. The $CDNX, which is a Canadian small cap index, is made up of many precious metal and oil stocks. We’ve been following this one since it broke above the S&R line back in February. In March it built out its first consolidation pattern for its new bull market which was the blue expanding rising wedge.