Major market indexes remain in rallies off the mid-October lows as the Dow Jones Industrials continue to lead the market higher as it held tight this past week above its 200-day moving average. Meanwhile, the S&P 500 and NASDAQ Composite remain below their own 200-dmas but found support at their 10-day and 50-day lines, respectively, on Thursday as the market pulled back from its Tuesday highs.
Three Thursdays ago, we issued Undercut & Rally (U&R) Reports on gold and silver via the Sprott Physical Metal ETFs. Since then, gold and silver have moved sharply higher and finally began to pull back with the market in the latter half of this past week. The
Sprott Physical Gold Trust (PHYS) pulled into its 10-day moving average on Friday which can be treated as an add/entry point using the line as a selling guide. The
Sprott Physical Silver Trust (PSLV) pulled into its 20-dema on Friday as volume dried up to -59% below average. That creates a voodoo type long entry at the 20-dema which then serves as a tight selling guide.
The
Market Direction Model (MDM) remains on a
SELL signal. The QE bubble has a ways to go before it's unwound.
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