GOLD pulls back into the 200 sma support on drying up volume to -29%, testing the support (testing for supply) of the oversold lows end of may.
The short term random walk trend is down, the short term sma trend is up. Depending on the trend direction, this test is read as a sign of strength or weakness, which is the limitation of the programmed indicators. As this...
While the magic 7 of the mega-caps are responsible for all gains in the QQQ in 2023, the broad market is in an ongoing bear market and bounced off the lows. This ongoing bear market is masked by the massive overweighting of mega-caps, which are now producing "AI", in the indices. In this situation, I am tempted to short the near term parabolic move in the QQQ.
