BRIEF MARKETS UPDATE (4:30 pm EST)
The DOW and S&P 500 made new highs today, but the NASDAQ did not so we now have an intermarket bearish divergence signal. This will be negated if the NASDAQ makes a new high (which would trigger our stop loss on our short position), but right now it looks like the markets could be rolling over as all three indices closed significantly down from the day's highs. Holding my short position in the broad stock market.
Gold and silver both made new weekly lows today so we will not have an intermarket bullish divergence signal this week in this market. Nevertheless, prices are approaching our target lows ($1,220 for gold and $15.50 for silver) so we should still be watching for signs of a bottom and reversal. The U.S. Dollar Index is pushing higher today and seems to be gaining some momentum. This could push gold and silver prices lower so we will keep a close eye on the dollar. Still on the sidelines of gold and silver.
Crude oil prices dropped sharply today which is supporting the idea that we may see a "normal" cycle bottom below $55 over the next week or two (see yesterday's blog). On the sidelines of crude.
The DOW and S&P 500 made new highs today, but the NASDAQ did not so we now have an intermarket bearish divergence signal. This will be negated if the NASDAQ makes a new high (which would trigger our stop loss on our short position), but right now it looks like the markets could be rolling over as all three indices closed significantly down from the day's highs. Holding my short position in the broad stock market.
Gold and silver both made new weekly lows today so we will not have an intermarket bullish divergence signal this week in this market. Nevertheless, prices are approaching our target lows ($1,220 for gold and $15.50 for silver) so we should still be watching for signs of a bottom and reversal. The U.S. Dollar Index is pushing higher today and seems to be gaining some momentum. This could push gold and silver prices lower so we will keep a close eye on the dollar. Still on the sidelines of gold and silver.
Crude oil prices dropped sharply today which is supporting the idea that we may see a "normal" cycle bottom below $55 over the next week or two (see yesterday's blog). On the sidelines of crude.
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