Seems like good support has formed around 154-157 area of GLD
Current TopFinder curve (dashed red) is around 89%. The previous one ran 99% before running into trouble. The previous one never touched any of its successive support curves (purple curves) through its course
The initial launch of the current run was slow for a few weeks, but it then took off nicely and went vertical
It would be good if it could do whatever consolidation that it may need at any point comfortably above the 154-157. That would be a lateral, healthy consolidation above support.
Meanwhile, weekly momentum cycle has been positive
It would be good if momentum cycle stays positive or only does a short dip into negative
On a daily, GLD has been outperforming S&P
On a weekly, GLD has been gaining performance against S&P but not outperforming on my proprietary RPA indicator
It would be good to start outperforming S&P on a weekly basis
So, I want lateral consolidation above support (if consolidation is needed), I want TopFinder curve to run full, I want daily outperformance to continue and cause weekly outperformance
Is that too much to ask?
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S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago