Not much price volatility today as the indices traded in a narrow range and closed flat. This is a welcomed rest considering the rally of the last few weeks and with some further horizontal work the major indices should be moving back higher. Alternatively If we do see a pull back, the uptrending 50 MA or even the 10 MA will serve as key support.
I last posted a chart of Silver with the March 30th recap and noted that momentum was showing higher highs looming. Today we saw just that as Silver gapped to fresh all-time highs with the Silver ETF, ticker SLV, closing above $37. Chart below. Silver Stocks in focus: AGQ (2x Silver ETF), SLW, PAAS, CDE, SVM, ANV, SSRI.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
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