Using some ETF’s we note that the headline indexes are not looking good in the US.
DIA looks like its bounce could be a bear flag on declining volume. Key resistance is noted.
SPY is similar. The 50 day moving averages hold resistance on both of these items.
QQQ is the same deal with clear resistance for the bounce.
If these indexes can clear that resistance then we can talk, but until then they are short-term bearish until proven otherwise.
We will be doing some traveling and as such, NFTRH 350 will be abbreviated to the key elements and emailed on Saturday. It will include a look at US indexes from a ‘breadth’ or ‘participation’ viewpoint (which appears to be fading).
We will also talk about the elements that are coming into place and those that need to come into place for a bull stance on the gold sector and update the technicals once again.
I want to wish you a happy July 4th if you are celebrating and a great weekend if you are not!