I presented charts on yesterday's site that showed a few of the main stock averages in potentially dangerous formations. Fortunately, the market closed higher yesterday, thus avoiding potential disasters.
I'm hoping that the same action will continue today. Yesterday saw a battle to keep gold down below 1300. Gold, however, despite spates of concentrated selling, closed at 1296. This puts gold in position to attack the 1300s.
To refresh your memory, I am showing the chart below of the NASDAQ in a head-and-shoulders top. You can see Wednesday's rally on the chart, a rally that saved the NASDAQ from a dangerous head-and-shoulders breakdown. As I write this before today's close, I don't know how the situation on the NASDAQ will end. Note, the NASDAQ is above its 200-day MA.
We're having a heat wave here in La Jolla (temperature in the high 80s) and the roads are jammed. People rushing to the beaches.
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