Today was a wild day as the indexes seemed to be moving in different directions. Probably because they were. The Naz got whacked for 1.27%, the S&P 500 was almost unchanged with a loss of 0.04%, the DOW was up 0.44%, and the DWCPF gained a modest 0.1%. The Russell 2000 was higher by 0.38%.
S&P 500.png
DWCPF.png
So the charts for the S&P 500 and DWCPF did not change much overall. The action was suspicious so it will be interesting to see if market character is changing over the days ahead. I think the market is gearing up for a serious rally, but not all boats may be lifted if the Naz is any indication.
The options are showing the smart and dumb money both leaning bullish. I would not bet against that, though some weakness is not out of the question. But as I said yesterday, the path of least resistance is currently up.
If you like precious metals, silver is hitting a 2 month low. I like to buy silver eagles on the dips, so I'm watching the chart closely for signs of a turn (SLV) before I snap up a roll or 5.
NAAIM reports tomorrow. I'm anticipating more bullishness from them.
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