The S&P 500 is still trading within a rising channel, with 1370 still being the important level of resistance.
Although we had a fairly strong week last week, the S&P still saw an increase in selling volume (red line) vs. buying volume (green line). This isn’t a divergence that can last very long while we see price appreciation.
Although gold hasn’t done very stellar recently, making lower highs it has put in a higher lower. I’m still watching the 300MA for a level of support. The precious metal is approaching a level of oversold based on the CCI as shown in the chart below.
Disclaimer: Everything in this post is meant for educational and entertainment purposes only. Do not construe anything written in this post or blog as a recommendation.
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About Andrew Thrasher
Andrew Thrasher is a Portfolio Manager for an asset management firm in Central Indiana. He specializes and writes about technical analysis as well as macro economic developments.
