Trends unchanged for US stock indices
I have no time to blog. However, please be advised
that yesterday SIL finally broke up above its last recorded primary bull market
highs, and hence confirmed GDX which had done so some time ago. Since the
primary trend was already bullish, the new confirmed breakout merely signals:
a)
The
end of the secondary (bearish) reaction against the primary bull market.
b)
That
the primary bull market continues in force.
Nonetheless, the new highs are not a “buy” signal, as
the primary bull market was signaled months ago.
The same applies to SLV (Silver ETF) which today, July
18th, has confirmed GLD by breaking up above its primary bull market
highs. Hence the primary bull market has been reconfirmed.
All in all, both the metals and their miners are
moving quite in tandem, which also is cross confirmation (the stocks confirm
the metals).
Let’s see if by the end of next week I can produce a
proper post.
Sincerely,
The Dow Theorist.
No comments:
Post a Comment