Wednesday, 7/9: Stocks Up, Bonds Up, Gold Up
Price chart analysis and commentary
S&P 500:
The gain of .61% is not enough to take the index above last Friday’s high. This is a different picture than the Nasdaq 100 (below).
Nasdaq 100:
The .72% gain takes the index to a new high, unlike the S&P 500 which could not quite get there. The relative strength indicator (RSI, below the price chart) shows a negative divergence from price, suggesting weakness despite the new high.
iShares 20+ Year US Treasury Bond ETF:
The price of the bond fund rises back above the 50-day moving average. The gain of 1.03% is not enough to take it above the downtrending 200-day moving average. The red dotted lines show the near-term targets for up and down.
SPDR Gold Shares:
The price action of +.42% keeps today’s trading range within that of yesterday’s, for an inside day. The April through July pattern remains inside the triangle, awaiting a break in one direction or the other.
United States Oil Fund:
The .06% drop leaves the fund with an "inside day” candlestick: no higher and no lower than the price action of the previous session. Both the 200-day moving average and the 50-day moving average are trending upward.
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