The SP posted a small range inside day, closing higher by 8 on the day. Price settled below the February high so the burden of proof remains on the bulls.
Naz also posted an inside day, settling higher by 13 on the day. Note that the day’s close was above the 8/8 Gann level.
Multi sector daily chart:
The weekly cumulative A/D line continues to register strong readings which are a very strong foundation for favoring buying pullbacks vs. selling rallies.
The OSX was the top gun, though the day’s range was contained by Friday’s bounderies.
The XAU was also relatively strong but posted an inside day. Price closed back above the 200dma.
The BTK settled at a new high on the move. Note the key 8/8 Gann level just overhead at 1500.
The SOX was lower on the day and contuse to bearishly lag the Naz.
The BKX was weak vs. the broad market and is still using the 0/8 level for support.
Oil bounced strongly off the March lows but is still in correction mode until the MACD turns positive again.
Gold settled back above 1500 and continues to bounce off the static trend line. The intermediate trend is positive until the 50dma is violated.
