Well, our work of art kept to plan for another day. The two shaded candles are the corresponding candles of interest for this week.
The 10 vs. 2 year yield spread dropped, which was an in-day negative not to be given undue weight based on one day, but to be respected none the less. Interestingly, the sector went nowhere (GDX) to down (GDXJ, gold, silver) yesterday as the spread popped. Today spread down, sector up.
Reminder: ETF updates are presented as a snapshot to current status only. More in depth work is done in NFTRH.
I am cooling my heels at the allergist's office. I almost bid goodbye to this world a couple times due to Yellow Jacket stings and now am a bee venom…
GLD turned last week’s resistance to support, which is now being tested as Ukraine hype unwinds and FOMC looms. This is a still bullish chart working off an over bought condition.
GLD is in consolidation at resistance. It is bullish until proven otherwise. Support is anywhere from the visual lateral support at 122 to the gap and moving average convergence around 125.
GLD has reached the resistance that is the initial objective for the rally off the December bottom. On its bull signal but at a logical point of consolidation or reaction.
GLD is on a strong bull signal, but getting over bought as it heads toward the equivalent of gold 1340, our short term target. Over bought is seen in distance from EMA’s 10 and 20. A pullback would be normal.
GLD climbed above lateral resistance yesterday and moved above the trend line. It is on a bull signal by all data points. The pattern measures to 129 assuming the green line holds as support.
GLD is on a weak bull signal. It must get above the downtrend line or risk fading to neutral or bearish.
A partial ETF update beginning with GLD, which remains above the support parameters and on its bull signal.
GLD remains on a bull signal with MACD above 0 and the price above supportive 50 day moving averages.
