Charts For Thursday, Comments On Gold
Today we saw the market make an attempt at new highs, only to fall back in afternoon trading. We still finished solidly higher on good breadth, and the bulls only need to make a short push to get us to a new high. Here's a look at SPY:
Given the nature of the current market, we could very plausibly see the push come tomorrow. On the flip side, we are somewhat overbought, and have seen four straight positive closes on average volume. Furthermore, we are hitting the same level that saw the market sell off last week. Looking at five year charts for SPY and QQQQ, we can see price running into some resistance as well.
In other words, this isn't a place to get overly anticipatory.
Corey Rosenbloom discusses gold, and links to a helpful video by Adam Hewison. Hewison is projecting a price target of around 1250 for gold. Here are the charts for GLD and GDX.
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