08/10/2016 Daily Commentary: Markets went down and bounced at the Pink Lines (10-day avgs.) today… Probably another try up at the Highs tomorrow. Looks like the S&P 500 is about to complete Wave 5 up, since the bounce off the Green Line in late June. After Wave 5 is complete, the S&P 500 should drop down to test Support around 2130.
Money Wave Buy on SLV for Wednesday, but we did not log it, as it is so close to the Highs.
When the Market breadth is narrow like it is now (few new highs), either take quick gains from Money Wave Pops, or STAY IN CASH & WAIT for a larger correction.
Many Funds are having trouble staying Above 90 Relative Strength. None of the major Indices have Above 90 Relative Strength. Only ETFs of Metals GDXJ, GDX XME, SLV, Semis SMH, and a few Country Funds EWZ, & EWT have good Volume and Above 90 R S.