The Closing Prints of the Weekly Candlesticks of Oil, Gold, Bonds, and the Main Incdice.
USO – Leaning Bullish
Oil is trying to bottom, would like to see a close over the 40 week moving average before if drops the low of this week.
IWM – Very Bullish
If you’re leaning short you just got you’re face ripped off. Of course it’s overbought but the small caps lead and right now the IWM is going higher. I’m looking for so sideways action to take a breather but this IS NOT BEARISH lol. Is this the time to buy? No of course not you would be chasing. However I would be a buyer as it pulls into 120.
GLD – Lean Bearish
Gold looks like shit. I am looking for this to bounce and bounce hard with the dollar overbought. However I would be a seller of all bounces until 125was reclaimed and held. I was very bullish gold this year but really thought $1250/oz would hold. It did not. So until Gold reclaims 1250 an ounce I will be leaning bearish. Gold cannot rally with the dollar at 13 year highs.
SPY – Bullish
SPY has not hit all-time highs, yet. However, as stated above the small caps will read and the SPY will make new all-time highs in the coming weeks. It has broken out and checked back to the breakout area. I would be a buyer at 213.
QQQ – Lean Bullish
The Tech was the leader all summer and has taken a break. I see no reason why Tech will not catch up and continue to make all time Highs into year end. The QQQs now have some catching up to do.
I loved TLT all year, until July. I moved my 401k out of bonds before the election and into stocks on the 9 straight down days in the SPY. TLT looks like shit as well. If TNX is going to breakout out of the Generational Downtrend Line then I am a seller of all rallies here. It has broken IMPORTANT long term support that it should not have.
Have a great weekend everyone.