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- Last Update: 7 April 2020, 20:41
The Dow weekly candle is struggling and closing below the 200ma and 250ema so I would need to see it close above those before I bet long term on this particular rally. If you look at the weekly chart on page one, we started the week at the 250, went up to get rejected by the 200, and dropped below both. If it closes the week that way, this may be the top of the countertrend rally.
In fact, I think this morning may have been the top of the countertrend rally...
4/6pm, 4/7am - Gold is breaking out in the afterhours! Gold has a target of 1950! I made a new gold chart and a new JNUG chart! Gold rocketed past resistance in the afterhours and seems to be retesting the 1705 breakout from the upside.
It looks we might see a pullback shortly in SPX, and etc, after the open as the 5 minute is getting kind of overbought. I am not saying that the bull shares are going to dump but tomorrow is going to be meh to downish. You always cant have up days.
I think that we will open up a lot and then pull back.
*Thanks for coming by and good luck trading!*
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