The Gold SPDR (GLD) bounced in July and hit a make or break resistance zone. Overall, the long-term trend is down for GLD. Price is below the 200-day, the 200-day is falling and StochClose is bearish. Price is also moving from the upper left to the lower right of the chart. Shorter term, GLD bounced off the 67% retracement line and broken resistance in July
Today’s commentary starts with Treasury yields by highlighting the divergence between short-term and long-term yields. We then look at the yield curve and its correlation with the Regional Bank ETF. Even though KRE has underperformed the last three months, it became quite oversold last week and got a bounce. We then turn to the breakout in the
There is nothing like a Fed meeting to shake up the market. Thus, I am going to cover the intermarket ETFs a day early because there are some reversals and patterns we should be aware of. There appears to be a change in thinking at the Fed and the Fed is still the elephant in the room when it comes to
The stock market does not get any more mixed than it did on Thursday. The S&P 500 SPDR closed with a .50% gain, the S&P SmallCap 600 SPDR closed with a 1.6% loss and the Nasdaq 100 ETF advanced 1%. This was not a value-growth split, but rather a large-small split. Small-cap growth (IJT) and small-cap value (IJS) were both down over 1%.
Tech stocks were hit with selling pressure on Thursday and then rebounded along with Treasury bonds on Friday. The narrative seems to be that rising bonds and falling yields are bullish for tech stocks. Regardless of the narrative, several tech related ETFs are holding their breakouts within larger
SPY stalled the last seven weeks, but remains in a clear uptrend. Despite some concerns with seasonal patterns in June, August and September, the price chart for SPY remains strong and the Composite Breadth Model is fully bullish. The Fed balance sheet expanded this week and hit a new record
This commentary will look at this historic advance in the S&P 500, and them some less historic charts for oil, gold, silver, bonds and the Dollar. The 14-month gain in the S&P 500 is the largest in over 70 years. Oil is still challenging resistance as a bullish cup-with-handle forms. Gold remains in the midst …
S&P 500 Makes History – Plus Oil, Gold, Silver, Bonds and the Dollar (Premium) Read More »
This article is the second of a two part series where we put gold and silver to the test. The first article showed test results for crosses of the 200-day SMA and EMA. This article tests the Trend Composite signals