A decent follow through day for the market as we gapped higher, again, and closed near session highs. Testing 52-week highs seems to be right around the corner, but my only concern is how, if, and/or when these two gap ranges will be filled!
Also tonight I have a chart of the 2x Silver ETF (AGQ) instead of SLV (1x). I am also using colored bars. This parabolic move is so far extended I figured I might as well change it up a bit. You know, Just for fun… I wasn’t trading back during the late 90s, but I can’t help but wonder if this is what it was like.
Stay frosty.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| 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.
