Today’s weakness continues to confirm the resistance at the 50 day moving average in the Dow, that was demonstrated by a bearish Harami. A close below the T-line in the indexes would negate the prospect of an uptrending bobble pattern and make a pullback to the bottom of the trend channel the most likely prospect. Gold stocks continue to show strength with gold prices breaking out of a wedge formation and continuing the uptrend.
February 24th Daily Market Comments
Today’s weakness continues to confirm the resistance at the 50 day moving average in the Dow, that was demonstrated by a bearish Harami. A close below the T-line in the indexes would negate the prospect of an uptrending bobble pattern and make a pullback to the bottom of the trend channel the most likely prospect. Gold stocks continue to show strength with gold prices breaking out of a wedge formation and continuing the uptrend.