Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Saturday, April 15, 2017

GLD the gold ETF Testing 6-Year Trendline

THe GLD (gold ETF) has reached a major decision point as it closed Thursday at its 6-year downtrend line.  

Last Fall, the GLD put in the second bounce up from its lower blue channel line establishing the solidity of this line giving it a better probability of piercing the six-year red downtrend line having established a double bottom at the lower eight-year blue line.  The GLD has a world of undercurrents from the gold spot market but nonetheless, the direction it takes at this trendline should have  a substantial inverse affect on the stock market.

Trade well my friends