Weekend Market Commentary
Courtesy of Fallond Stock Picks
It finished as a bad week for gold and silver but indices held on to finish with gains. The S&P closed higher but is close to rising reaction low support with a MACD trigger ‘sell’ very close to occurring:
The Nasdaq barely closed the week higher but it is working a recovery in its MACD.
The Russell 2000 is an unusual in it has the weakest technicals but is on a charge; note the rising MACD histogram – soon there will be a ‘buy’ signal. This is good news for bulls looking for new market leadership (other than large caps). However, it still has converged resistance to contend with first.
On the daily charts markets are caught in a trading range, but on the weekly chart markets continue to rally. Technicals are mixed for the indices, but there has been no ‘sell’ signals since the late March/Early April ‘buy’ signals.
