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50th day of $QQQ short term up-trend; Is $GLD turning up?
I bought some March call options on GLD yesterday after I noticed that GLD was above all 12 moving averages in the daily RWB chart. It is a low risk play because the options were cheap and if GLD fails and closes back below all of the averages I can exit with a small loss. GLD could be coming out of a daily BWR down-trend and beginning a new daily RWB up-trend?
GLD remains in a weekly RWB up-trend, so the short term trend could be turning up within a longer term up-trend. I will leave it to economists to explain what a rise in gold may portend.
For those afraid of this market, check out this daily RWB chart of $QQQ
Compare the pattern October, 2018-January 2019 to the current pattern. A chart is worth a thousand+ words. The major indexes remain in daily RWB up-trends. There is usually plenty of time to get defensive when the RWB pattern (rising red averages above blue averages with a white space between them) disappears.
