oneworld

oneworld

The March 23 low at 2174 almost surely ended the drop from 3397 – the Corona Crash. A new bull market has begun. I think the Fed’s new QE program is very bullish long term and the Corona Crisis shows definite signs of having passed its peak. Bearish sentiment and volatility remain very high and this reinforces my view that a very important low has occurred.

oneworld

Gold spiked to a multi-year high at $1742 Tuesday night and corrected to $1671 Wednesday morning - gold needs to close above $1700 to confirm the next leg higher. Gold stocks need to be leading to stage a major breakout above $1700.

oneworld

The SPX reversed higher on Wednesday and tested higher highs at 2761. A TRIN-5 sell signal and a very overbought NYSE McClellan Oscillator argues that a high could be seen early Thursday.