Weekend June 1, 2024
Below is the daily NYSE A/D chart. One can see the Friday rally rescued the advance.
This is the weekly NYSE Advance Decline the single best indicator of the health of the stock market
The NYSE index is at top and momentum indicator PMO at bottom.
The rally Friday has kept the indicator in well at least a sideways trend. But PMO weekly at bottom indicates this rally is on borrowed time.
NOtice how the utun Nov 1 perfectly called the rally into May.
Transocean RIG and Patterson PTEN both rallied Friday. I remain bullish on oil but it is taking its time.
Silver SLV fell a bit and Silver itself has double topped. I Should SLV fall further it will be a good buy again, I am looking for $50 silver.
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