Yesterday all major indices printed a minor distribution day. Usually, after a wedging rally from lows, a distribution day would put my market direction model to SELL mode. However, this time I'm going to stay a little cautious and wait for another confirmation. The reason being that distribution day was really, really weak. Simply too weak to make any changes in my model. So, for now, markets are still neutral and cash is the king.
A quick look on gold. GLD is almost certainly in the last stages of finishing a climax double top. On largest volume of the last bull move GLD made a nasty reversal candle. It then went to new highs, pulled back and is now testing the highs, but I think most of the selling already happened. A break into new highs would put my gold price direction into SELL mode. For now it is still neutral with a safe stop below the last swing low.
A quick look on gold. GLD is almost certainly in the last stages of finishing a climax double top. On largest volume of the last bull move GLD made a nasty reversal candle. It then went to new highs, pulled back and is now testing the highs, but I think most of the selling already happened. A break into new highs would put my gold price direction into SELL mode. For now it is still neutral with a safe stop below the last swing low.
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