Still Short-Term Bear

Trading on Thursday was flat and the short-term action is bearish, despite the rally on Wednesday. The S&P 500 ($SPY) surged off medium-term support of $208. Until it breaks short-term resistance, $212, I would have a tough time buying if not any further move to the upside.

Tech ($QQQ) has made some positive technical moves over the last few sessions forming a higher low, reversing its slide on the 6/7. Small-caps ($IWM) broke its consolidation range of $124-$125, cracking through and settling above $125.50, which has been resistance. Oil ($USO) is challenging resistance of a bull flag at $20.75.A break of that level could signal mid $20’s price action for $USO.  

Gold ($GLD) continued it month long slide on Thursday, continues to remain in a short-term downtrend with resistance now at $114.50.

Have a great trading day and weekend!