The SP finished higher by 3 on the day after recouping some serious intraday losses. The 2 day inside pattern broke to the downside but did not see follow on selling. This is a subtle sign of strength. Keep a close eye on the 50dma just overhead.
Naz was higher by 7, sweeping but settling below the recent highs. Price has yet to make a decisive move.
The multi sector daily chart show the good relative performance of the gold stocks:
The 10-day Trin continues to climb towards but has yet to record an oversold reading of 1.35 or higher.
The XAU was the top sector by a wide margin adding 3.6% on the day. Expect resistance at the static trend line. Since the pattern is only 3 days up, a break above the static trend line would be a velocity breakout since the Seeker setup is so early in the count.
The SOX settled right at the 10ema and outperformed the Naz and SP. This would be a very positive development for the bulls if the strength is sustained.
The BTK remains chronically boxed up:
The OSX closed little changed on the day. Note that the Seeker exhaustion signal is still active.
The BKX was the last laggard on the day. Price continues to hold above the 50% fib. This could be a key pivot, a coup for the bulls if they can turn the bias up and also a major failure if the level is lost.
Oil settled at a new high on the move and is now 9 days up.
Gold also settled at a new all time high, testing but not yet violating the Seeker exhaustion risk level.
