Wednesday, July 06, 2022
Moving higher today as the Dow gained 70 points on lighter volume. The advance/declines were negative. The summation index is trying to move higher. Waiting on the jobs report for now. The S&P 500 is stalling at the first down trend line but I believe that we'll make it through. Not yet short term overbought here. Gold dropped another $25. The US dollar continued higher and interest rates rose. The XAU and GDX had fractional losses on average volume. They both finished well up from the lows of the day. We did not get the RSI buy signal we were looking for yet but today could be the low for GDX. We'll know as time goes on. Mentally I'm feeling OK. The VIX was lower today and that fits an up market. My feeling is that we are on the verge of an upside break out for the major stock indices. I do believe that things are in place for that. We'll know within the next couple of days as some indices are resting right below their first lines of resistance. Europe was higher and Asia lower overnight. We'll see how things go tomorrow.
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