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VoSI Focus List Review for the Week Ended March 27, 2020

General Observations: 
After posting one of its worst months in history the market is now engaged in its first sustained oversold rally that is now four days in duration coming off the lows of this past Monday. This is coming from a logical position at the top of a roughly two-year consolidation the S&P 500 Index formed back between early 2015 and late 2017 as seen on its weekly chart below. The indexes remain far off their late February peaks, and the bear market is still in force.

The Market Direction Model (MDM) remains on a sell signal.

The SPDR Gold Shares (GLD), which sold off the prior week as forced selling overcame the market even as physical gold remains well above $1700-$1800 an ounce, regained its 200-dma on Monday. This triggered a moving average undercut & rally long entry on Monday, and the GLD is now consolidating that move. It has so far held tight as volume dries up, putting it in a secondary entry positions using the 50-dma as a selling guide. A pullback closer to the 50-dma, should it occur, would offer an even more optimal long entry. We would note that gold's six-day rally off the lows of last week perfectly and inversely correlates to the current six-day sell-off in the U.S. Dollar. With the Fed going all-in as it intends to flood the system with printed dollars as necessary, its impact on the fiat currency known as the dollar could have unintended consequences. We believe gold is likely to benefit from the Fed's actions.

Cash remains king, and trend-following investors should remain on the sidelines for now.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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