Monday Morning Chartology
The S&P remains within all major uptrends. It fell below its 50 day moving average last Wednesday but recovered on Friday---a positive for stocks. Unfortunately, the DJIA has not done quite so well---it has fallen into a trading range and remains below its 50 day moving average.
The GLD chart is improving as a very short term uptrend extends itself. If it retreats to that uptrend line and holds, the temptation will be to Buy.
While the long bond rallied on Friday, it is still within both a short and intermediate term downtrend.
The VIX has been directionless since early 2013. It remains well within its short term trading range and it intermediate term downtrend.
Update on ‘the best stock market indicator ever’:
News on Stocks in Our Portfolios
This Week’s Data
July durable goods orders fell 7.3% versus expectations of a decline of 4.0%.
Another jim dandy appointment by Obama (medium):