The Market
Technical
Monday Morning Chartology
The break above not only the 1219 but also the 1230 levels is pronounced. Our time and distance discipline is now operative, although a good deal of the ‘distance’ element of our discipline was achieved on Friday. Any kind of positive performance today will likely move the S&P over our normal ‘distance’ hurdle (circa 1%).
Once again, GLD has challenged the lower boundary of its intermediate term up trend (Thursday) only to recover shortly (Friday). Any dip back below GLD’s lower boundary would be a re-set of our time and distance discipline.
Despite the very strong pin action of Friday, the VIX remained well within the upper zone of its trading range--not good for stocks.
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