The S&P 500 fired a daily buy signal Friday after a strong surge all day long. Not sure what was behind it, but I do not need a news article or TV show to tell me buyers were in charge. At the close, price finished at a YTD high and only off the all time high by 5 points. What a strange year this has been. I’m still down for the year but I’m inching out a little bit at a time. Monday we need a close above the green CBL line which is $2117, in order to confirm a daily buy. Volatility is very low and could help keep this little rally going. We bounced back above the old resistance line and let’s see if it holds this time. I also want to point out that on the chart there is a little dashed white line I will move week to week so you can see how price is moving compared to last weeks close. This week we stayed below last weeks closing price 4 trading days and then Friday, blasted above it. Things are looking good here at the moment.
Small Cap followed the market also Friday with a very strong surge to the upside all day long. We closed above the green CBL line and it gave us a daily buy signal that has to be confirmed Monday. We need to stay above $1044 in order to achieve a confirmed buy. Price here looks a little sloppy as far as trend goes, so a nice run to the upside is needed.
Bonds just keep going higher. Do not know what else to say. This slow grind up has produced a 6.35% gain for 2016.
The International index closed lower than last weeks close again this week. It is the worst performer that we have and the chart is realy disorganized. To me, this index is an index just to stay away from for now.
Conclusion: We need the S&P 500 and Small Cap to run a little higher next week and get the uptrend moving back uphill. A stall here could mean trouble.
No comments:
Post a Comment