HGSI Doc Top Down Review
Another good week for the Bulls as the major market indices push on to their descending 200 day SMAs. We are close to a decision point for this market as we are at the point where we see if this is a brisk Bear Market Rally with a retest of the 200 day SMA and failure or resumption of the 7 year old BULL. Will this be a great time to find some shorts, or are we going to breakout to new highs signifying a new Bull market and return to prior highs?
I will take my usual top down trip thru the markets and see what the charts are telling us. It is hard not to be bullish here but this is a point where we might see a reversal.
Once again, I point out that it is OK to be concerned but I have not dumped my longs as we do not yet have reversal signals.
Hope you have a great week in the market
PPS: As always please excuse my spelling mistakes.
Trade safe my friends