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No, not the metals. The Dow Jones Industrial Average (DJIA). I have written extensively about the 50-day and 200-day moving averages as guidelines for reversion to the mean and what the big money players the mutual funds and hedge funds look at.
On Friday, the metals bounced off of their upward sloping 50-day moving averages signaling that it is a potential price floor. Conversely, the DJIA sold through the 50-day moving average on the downside during the week. On Friday, the DJIA rallied to the 50-day moving average which has now flattened and could not get above it. Signaling a potential price ceiling.
In economic news this week on Wednesday the FED released the minutes of last month’s Federal Open Market Committee (FOMC) meeting. It showed that there was some dissent about lowering interest rates. This weighed on the metals and the stock indices with gold being down .52% for the week, silver being down 1.47% for the week, and the DJIA being down 1.51% for the week.
Until next time…
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