Thursday, October 7, 2010
GLD Showing positive divergence
At 11 a.m. GLD started a positive divergence on the 1 min chart, it seems to be behind this recent move up, but again, how far does it go as volume has increased dramatically and the intraday lows have taken out the last two day's candles. The 5 minute chart is still looking bad.
3 comments:
The SPY looks to be putting in a descending triangle pattern and is testing the bottom side. Let's see if they try to give it the old fake job and suck in some more longs. Maybe they just let it drop this time.
Well they tested the bottom and brought it back into the formation, lets see if they try to convince the longs it is safe to enter the water.
The volume was so pathetic on that move that hopefully they will give up on the games
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