xjo christmas finale friday, page-23

In America:

Dow Industrials +0.51%
Dow Transports +0.91%
SP500 +0.83%
Russell 2000 +0.68%
Nasdaq100 +0.79%

Comment: A luke warm night. Volume was down a bit – but traders are already vacating desks ahead of the Xmas Weekend.

NewHighs/NewLows 176/17. NH>NL. New Lows have fallen to a low level. Positive.

Technical Comment on the Dow 30:

The Dow finished at 12169.6. Remains above both the 15-Day MA the 150-Day Moving Average.
Indicators:
* Stochastic: 78. Above its signal line and rising. Positive.
* RSI.9 is at 61.3. Above 50. Positive.
* MACD Histogram. Marginally above Zero and rising . Neutral.
* MACD. Marginally above Zero and rising. Neutral.
* CCI.14: +86. Positive.
The Index is now approaching a major resistance area (bold blue horizontal line). It needs to break convincingly above that to be bull friendly.

The current short term trend is up. Respect the trend.

For the Gold Bugs:

That last candle is bearish. The bulls tried to push the POG up but met with strong selling. POG ended down a little on the night.

The two MAs shown by dotted lines are the 13-Day (Blue) and 150-Day (Red). Both are heading down. The main pressure on Gold is downwards. A reversal down by the short term trend and a cross by the 13 below the 150 would be very negative for Gold.

Just by the way - I have great respect for the VSA guys. A helluva lot more relevant, in my opinion, than a certain popular poster. Importantly -more often than not - they get it right.

Redbacka