GMI and GMI2 both 4/6; short term trend unclear; RWB: GLD


The QQQQ is sitting on its 10 week average.   A close below this critical average would be significant.   The major indexes I follow (SPY, QQQQ) have been above their 10 week averages for about 26 weeks.   I typically can make money in the market only when these indexes remain above their 10 week averages.   I am in cash and still hold a position in gold.   The longer term trends remain up and my university pension remains invested in mutual funds.   The gold ETF, GLD, remains in a strong up-trend with the 4wkavg>10wkavg>30wkavg. Click on weekly chart to enlarge.

Gold has held the bullish RWB pattern for 2 years, with all short term averages (red) well above their longer term averages (blue).

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