Gold prices edge higher, but set for weekly losses
Market action remains firmly bullish, despite Trump’s best efforts to negate it. We didn’t see accumulation volume across the board, but we saw solid bullish candlesticks.
The S&P 500 posted a more subtle gain, albeit a gain nonetheless, accompanied by higher volume accumulation. There is still a MACD trigger ’sell’ in play, but it would be hard to be a bear here.
The Nasdaq experienced the strongest accumulation, although the MACD remains on a ’sell’ signal. The index is outperforming peer indices in relative terms, but yesterday’s close marks a new high for the rally off April lows, so this can’t be ignored.
The Russell 2000 (IWM) posted a solid bullish white candlestick while technicals remained mixed with a MACD trigger ’sell’. I would still think bulls are in control, but see how things go on the next push above $225.
Bitcoin ($BTCUSD) has been surging, and yesterday’s relatively modest white candlestick keeps this momentum going. I would be looking for the inverse hammer (with the spike high) to be challenged next week. Technicals are net bullish.
The Semiconductor Index has been doing most of the bullish legwork. We still have a ’sell’ trigger in the MACD and CCI, but it has been the price action leader. I would be concerned if there is an undercut of the 20-day MA, as this would likely come with expanding technical weakness.
Indices have been strong to date, and I would expect this to continue. American economic policy has been a total mess, but if markets are willing to ignore it, then you should too.