Third Day Away, an Important Technical
Today is the third day away from the high close day of the S&P since the market bottomed in March. The rule says that if the market range today is below the 909 low of three days ago and the market closes lower, then the market is headed lower for a while. This rule works a little better than if you get married on a sunny day, that the man will be in charge.
So let this market unfold. Overnight the stocks and gold markets were higher, so there is the “green shoots” crowd from CNBC who will be trying to push the market higher here. We remain a little short in stocks and gold but are not convinced about anything big happening here.
The EMA ETF Fund NAV was 1159 at yesterdays close.
8:17 AM CDT