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fib_1618

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After getting off to a slow start on Monday, the equity markets rallied nicely for the rest of the week with many (not all) index price charts closing at or near the high points last seen at the beginning of the month.

The NYSE composite advance/decline line once again bounced off its longer term rising bottoms line and finished up challenging its intermediate term declining tops line seen on the chart. In fact, the NYSE common only, FTSE, and DAX advance/decline lines also settled the week at these same lines of negative influence as well. We'll see next week whether the bulls have enough sponsorship this time around to break above these same areas of resistance or will we have take another breather to regroup before we can actually accomplish this.

The NYSE Bond CEF and preferred advance/decline lines continued to make new all time highs during the week, while the internals of the precious metals stocks took a breather settling on their rising bottoms lines that have been controlling their pattern since early summer.

Finally, Australia's advance/decline line continued its lethargic behavior last week and this showed up with the All Ordinaries index bucking the worldwide trend of bullish behavior, while the NYSE REIT advance/decline line continued its impressive buoyancy.

US Equity Markets:









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