Yesterday the NASDAQ made a new weekly high and the DOW and S&P 500 still have not so we now have an intermarket bearish divergence signal until both these latter two indices make new weekly highs. Today the broad stock market soared in early trading, but at the time of this writing it is falling again. This could be a turning point for these markets to fall into next week's reversal zone.
It looks like crude oil prices were boosted by the equity surge this morning which allowed us to unload our long positions in crude at a good price. We are now waiting to see if crude makes another low into next week's reversal zone or if it will rally some more.
As we expected, the U.S. Dollar Index was deflected from the strong resistance at 90 - 91 and is backing down again. This is pushing up gold and silver prices and helping our long positions in both metals. Hopefully we are still on target for a high into next week's reversal zone.