Support hold for SPY, EEM, GLD, SLV
Seeking Alpha Analyst Since 2009
At least for the moment, support has held for a variety of riskier assets. I'll highlight SPY, EEM, GLD and SLV - all of which held at support with today's bounce. The S&P held at the top of trendline over which it initially broke out earlier this month.
The Emerging Markets (using EEM as the proxy) held at the trendline over which it recently broke out.
Gold and silver also held at support. Silver came all the way back to the trendline that started with its initial upside breakout last fall.
Gold held at its 50 day moving average, and appears to have now regains its uptrend line.
So at least for now, it looks like "rally on" is in order.
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