As expected Gold rose because of middle-east fighting.
So did oil and big arms' makers. But NVDA stopped
and semi-conductors fell. QQQ, the NASDAQ and AAPL
and MSFT rose, backed by steady professional buying.
See the broken downtrend-lines of Closing Power in these
trading vehicles. These and positive Power Index readings
make a continued rise likely for them. See their charts
for the resistance-targets.
The DJI has shown short-term reversal signs: the small "b",
the turn around of the inverted traders index and now the
20-day Pct D crossing above its 20% level. The DJI is
still below its falling 65-dma. That will act as resistance
if the DJI's rally should continue. That will depend on
what the new week brings for interest rates. Today the
bonds moved up on dovish comments by some of the
voting FOMC members, who expressed support for
no more rate hikes for a while.
Once the Professionals get in the habit of supporting
the market and buyng aggressively, we can simply
watch for a red candle-stick at expected resistance
to know when the rally in that trading vehicle is over.
For now the many support levels have held, as in the
case of the Russ-1000 Tiger Index. The bulls are
hoping the FOMC doves will prevail.
