Friday capped off a great week for the bulls. For the week the Nasdaq was up 4.9% and the S&P was up 4.3%. However, the bulls weren’t able to end the week above the resistance levels we’ve been watching since early February. The market gapped right to resistance at the open on Friday and then went nowhere. Another shot of good news with the market perched right here could break the backs of the bears and cause a buying (to cover) panic.
Gold is finally showing signs of doing what I thought it might back on April 10th:
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Primary | Down | Down | Down |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Hey Mike any forcast of where the GLD could fall to? I’ve been bearish on it for awhile and had bought the DZZ last week. Thanks
I not one for price forecasts but if my thesis is correct it should at the very least break the April low. The next supports I see are the November high and then the 200-day moving average.
I prefer to just follow it down with a trailing stop and see where it goes.
I am thinking we have still seen the bottom. But as your charts suggest, we may have another chance to test it before the all clear signal.
Great Charts and Analysis
Micro
I think you misinterpreted what I wrote.