Registered: 1101777014 Posts: 4,888
Reply with quote
Minus any near term attempt to snapback to or toward the line just violated, the overall picture here suggests that we're likely to see continued positive money flows entering the market short term which should help to propel prices even higher from current levels.
Aside from Wednesday's downdraft, the markets continued firm this past week with all of the major market indices closing higher week over week with gains of around 1%. Taking a quick review of this week's breadth chart array and we see that the NYSE Composite, NYSE Common Only and NYSE Specialty CEF advance/decline lines all extended their gains into new all time high territory, while the NYSE Preferred, NYSE Bond CEF and NYSE REIT advance/decline lines made enough head way to break above their respective declining tops lines seen on the charts. Add to this that the FTSE and DAX advance/decline lines both settled all new all time highs on Friday, along with the Aussie advance/decline line having a strong week, and it's difficult to come up with anything that would be deemed "analytical" to comment on. The Precious Metals advance/decline line also joined in the fun this past week, while the XAU advance/decline line finished up by breaking above its longer term declining tops line seen on the chart. Meanwhile, the BETS moved to its highest level since February 1st of this year coming in with a +60 reading on Friday, and a quick review of this week's cumulative charts array shows that Canada's TSX index has literally exploded higher to around a 5% gain over the last 2 weeks. Given all this good news, however, the markets are now at a point where they are "allowed" to see an obligatory one or two day snapback of to or toward the various resistance lines that have been broken in these same A/D measurements, but bigger picture wise, the path of least resistance remains firmly higher at this time until proven to the contrary. Have a great week of trading! US Equity Markets : US Interest Rates : US Real Estate : Precious Metals: Australia: England: Germany: __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977