The Dow is up again today and if we see a good close, we might just make it above the 50-day moving average. That would be good news, but could be short lived, depending on what happens with the mess in Washington. What concerns me more is that fact that the 50-day MA is rolling over and looks on track to hit the 200-day MA. This would be a bearish indication. On a more positive note, MACD is beginning to turn up and we could see a bullish crossover if the Dow continues its march upward.
Transports are following the Dow's lead and moving higher in lockstep. But we can see the formation of what looks like a rising wedge. This is often a bearish indication, but we'll have to wait and see.
Below I show a weekly chart of the US dollar. This has been a worry of mine for quite some ... Log in or subscribe to continue reading.
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