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fib_1618

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So with the BETS indicator moving up 5 points this past week in spite of the current events already discussed, the expectation for next week is that it's likely that we'll see prices continue to advance, though with many of the McClellan breadth Summation Indexes at such high extremes, this same road could be a somewhat choppy affair, with the occasional compressional thrust when needed to provide relief on the tape.

The markets followed last weeks forecast fairly well with almost all of the major market indices closing up all 5 days with Wednesday's post FED Statement compressional thrust setting the tone for the week overall. By the end of the day of this years June OPEX on Friday, the major market indices closed up by an average 1.45%, week over week, with the small caps again leading the way with a 1.84% gain and the Russell 2000 making up for lost time with a gain of 2.21%.

A quick review of this weeks cumulative breadth charts shows that the NYSE Composite, NYSE Common Only, NYSE Specialty and NYSE Preferred Stock advance/decline lines all closed at record levels on Thursday and/or Friday, while the NYSE Bond CEF and NYSE REIT advance/decline lines are less than 83 net advancing issues from making this a sweep for the NYSE in general.

The XAU and Precious Metals advance/decline lines also showed good follow through this past week after breaking above their accelerated down trend lines but are now entitled to some sort of pause near term as part of the larger blueprint to where a tradable bottom in this asset class can then be created as we move closer toward the month of August.

In the internationals, it's steady as she goes with the DAX and FTSE advance/decline lines providing very little in the way of analytical movement this past week, while the Aussie advance/decline line has now met its downside short term objective of challenging the lower end of its trading range and from where a bounce was seen on Thursday off this same horizontal support. With the precious metals and commodities sectors waking up over the last 3 weeks, the expectation there is for this same horizontal support in the Aussie advance/decline line to hold as it begins the process of constructing a platform to where prices can rally in concert to what is expected in the precious metals complex over the next couple of months.

So the bottom line for this week is that the buyers remain firmly in control of the action on both a short term and intermediate term basis, and with the BETS indicator moving up to a "strong buy" signal of +90 on Friday, the expectation is for prices to continue to remain buoyant for the next couple of weeks and into the July 4th holiday weekend.

Have a great trading week!

US Equity Markets:

[breadthspx062014]



[breadthdjia062014]


[breadthspec062014]


[breadthpre062014]

US Interest Rates:

[breadthtnx062014]

US Real Estate:

[breadthreit062014]

Precious Metals:

[breadthpm062014]


[breadthxau062014]

Australia:

[breadthaus062014]

England:

[breadthftse062014]

Germany:

[breadthdax062014]

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