The Morning Call
11/6/17
The
Market
Technical
Again,
presented with no comment.
The
long Treasury rose, ending above its 200 day moving average (now support), above
the upper boundary of its very short term downtrend, voiding that trend, above its
100 day moving average for the second day (if it remains there through the
close today, it will revert to support).
We are on the verge of a major trend change---to the upside, meaning
lower long rates, i.e. a slowing economy or a safety trade.
The
dollar rose, closing above its 100 day moving average, above the lower boundary
of a very short term uptrend, right on the upper boundary of its short term
downtrend, but remains below its 200 day moving average. Again, a trend change in process, but this
pointing to higher rates or a safety trade.
GLD
fell, finishing below its 100 day moving average, but above its 200 day moving
average and the lower boundary of its short term uptrend---a more neutral
chart.
Looks
like the VIX’s (9.1) July bottom is being challenged. As you can see, it is below both moving averages,
voided its very short term uptrend and is below the lower boundary of its long
term trading range (8.8).
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