GMI declines to 5; GLD to weaken?


The GMI declined 1, to 5, because my Successful New High indicator turned negative.   I am not concerned yet, but the T2108 indicator, at 73%, is also suggesting some weakening.   The QQQQ short term up-trend completed its 37th day on Wednesday………

I am watching GLD very closely.   It is right on support, and a down day   today could signal a short term down-trend in gold.   I bought some puts on GLD yesterday, when it was below support, but it closed back above support. Gold has had such a large uninterrupted advance since early August. Check out the daily chart of GLD below. (Click on chart to enlarge.) The 4 day average (red dotted line) is now below the 10 day average (blue dotted) and these two short term averages are now pointing down. A close below the 30 day average (red solid) would be a short term sell or short sale signal for me. GLD’s longer term trend remains up, in a classic Stage 2 up-trend on a weekly chart.

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