Inflection Points
Good day Insiders,
We are at an interesting time in the markets here, it’s almost inflection point centric. We have the Dow closing above 26,000 on the week at 26,075 the S&P closing at its key resistance of 3185 which previously always followed with a sell-off and the Nasdaq looking like it is ignoring everything and has eyes set for 11,000. It really all comes down to where is the money going. Interesting to note that since the beginning of June bonds have found a bottom and have been moving up with stocks. Not to mention the glorious run that gold appears to be on piercing the $1,800/ounce ceiling and settling the week just under it.
Since the 29th of June (which is where we had a solid buy signal on the Nasdaq) it has been all bulls. The buy signal came in at 9,925 in the Nasdaq and settled 10th July at 10,837 - after a 900 point rally its got to be poised to at least pause right? Don’t bet on it. There are tons of cash sitting on the sidelines via hedge funds just waiting to get into this market. Let the numbers tell the story and as it stands the numbers are still bullish as far as the Nasdaq is concerned.