Stocks up

The Dow and S&P were up a bit, with the Nasdaq 100 down a fraction. On the chart I have the ETFs of the three indexes, along with a 30 day regression line, and the extensions of the swing pivots. On the scale to the right are numbers representing in black the closing prices, in green the price that it would take to break the swing high pivot, and in red the price it would take to break the lower pivot. I assume all trends to still be up, as can be seen by the angles of the regression lines and the price structure of higher highs and higher lows. I would expect the upper pivots to be taken out, but will keep a close eye on some of the warning signs. There are always warning signs as markets advance. I’m looking at failure of the lower pivots to hold on any downside tests. And, the pushes higher with the tails left behine, especially on the QQQ are a little bothersome. Also, some divergence in advance/decline line, and some momentum oscillators. A clear break of the upper pivot will take care of some of these concerns. Most people I’m listening to suggest higher prices later but are worried about a shake out short term. Maybe, but that’s just a guess, and maybe the opposite will happen. I’ll just try to read what the market is saying rather than guess.
Gold took a little rest after several up sessions. No change to uptrend.

Leave a Reply

Your email address will not be published. Required fields are marked *