06/03/2016 Weekly Commentary: Markets were mixed for the week, as the Indices struggled near the April high resistance. On Friday, Markets dropped down to the Pink Lines (10-day avgs) on bad news, but were able to bounce back up. The S&P 500 needs to exceed the April Highs soon, or this could be a big ‘Double Top’. The rally since the May 19th low appears to be about finished with Wave 5 up (See Chart).
Thursday’s Money Wave Buy KGC was up 15%, and Gold Miners popped 11% on pitiful Employment numbers.
Money Wave Buy soon for AMD. Caution! Most Funds are coming down from the Red Zones (probably too late to Buy for the short term). Wait for Green Zone Buys.
Many Funds are having trouble staying Above 90 Relative Strength.
