Thursday July 21, 2022
this is the most reliable indicator the NYSE advance decline line. I drew in the blue line when after the market clearly topped last November. Now it looks like a double bottom and indeed the indicator has risen above the multiple moving averages. Best guess is that this might support a rally of sorts into September before that worst of month October takes hold.
INDU
the market took out the June 28 high. We then focus on the early June high around 33,250. I suspect we get there this is a four hour chart and as mentioned could allow for some pullback the next few days as it is getting over done.
TLT long dated bonds rallied today up 1.73% but still in the cluster range we have recently experienced. NO real change in the closed end municipal bond funds.
Crude Oil down 3.53% today
Near term prices are still above more distant prices and as predicted, they are coming down. I thought near term might get into the 80s. Price has been turned back at the 13 day moving average pretty much the entire month of July. That suggests 90 low may not hold.
The strong dollar is keeping silver in the range of 18. I suspect we will need the dollar to finally weaken a bit to stimulate silver. IT is already backing off a bit.
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