Weekly Charts Update
Each week we highlight charts below of the SP500, Russell 2000, NASDAQ Composite, UUP, EEM, TLT, HYG,LQD and recently GLD. The charts use the 50 day moving average slope indicator. When it is green we like the instrument we are tracking and when it is red we avoid the name/sector/asset class.
Equity indexes are now in the red or negative with the exception of the Russell 2000. The U.S. Dollar remains green or positive. Bond ETFs are all in the red with the exception of TLT which just turned positive. GLD is the ETF that tracks the price of gold is now below the zero line and has failed to break out.
Remember what matters is the slope of the 50 day moving average not the 50 day moving average itself. As mentioned above, bond holders should be defensive for the time being. That said, we note the dollar is in rally mode.
All charts are created from www.erlangerchartroom.com and if interested in using this indicator in Chart Room please feel free to send us an email by using the Contact Us section from the home page.
Charts courtesy of www.erlangerchartroom.com
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