Monday, July 20, 2009

end of day chart survey -- GLD, SLV, GDX, XLK, DIA:GLD

just getting back into the swing of things after a relaxing (extended) weekend at Baños de Agua Santa. (see previous post for some pictures.)

here's a few charts I found notable today.

GLD, the Gold ETF up nicely, though I notice that volume on this most recent rally has been less than impressive. but the price is now above all the moving averages, which has to be considered bullish until the situation reverses.

SLV, the Silver ETF up as well. volume hasn't picked up here either. furthermore the fund is still caught in the middle of the moving average web. the price would have to close above 14 now to become bullish again in that regard.

GDX, the Gold Stocks ETF, up big. but here too volume was lackluster. when something goes straight up on light volume it always makes me suspicious. what about you? price is testing the high of bounce previous to this, as well as the .57 price retracement. good potential for resistance here, but if not here then the .755 speedline or price retracement line should prove very hard to surpass.

XLK, the Tech sector ETF, is hitting new highs, on strong volume no less. but, notice the oversquare day on the equivolume chart. increased volume is generally a good thing, expect when it is not accompanied by proportional movement in the price. caveat emptor.

finally, an hourly chart of the DIA:GLD ratio (proxy for the Dow:Gold ratio). backed off a bit today. but I tell you, if that resistance is ever cleared, watch out. . .