MayWk4 - GLD Monday Market Update - GLD last night had a major upswing. Which is a good sign, because that just means that there could be a correction coming for the SPY. The old "Sell in May and Go Away" might be true for the markets this week.
In any case, the Kijun Sen and Tenkan Sen has met as a result of last night's beautiful movement.
Just take a look at the beautiful movement after midnight (Singapore Time) last night. The price of GLD shot upwards in recovery mode. I bet there is some correlation with the fact that the SPY has hit the doldrums in a star formation.
The SPY chart for Monday (above) shows that the the market is fairly overbought, and there could be a retraction or correction from tonight onwards. But who can really tell in these uncertain markets. Nevertheless, the SPY reached the peak at 12 midnight (Singapore Time), just as GLD started to climb. Now isn't that an interesting observation? I bet you guys already know that. ;)
And after that, GLD started to climb, and the SPY took its long descent to where it opened. It's a sign. Let's see what the market offers tonight. ;)
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