Follow Up On SLV and XLK
It is to my surprise that SLV:GLD decisively moved below the trand channel line support. Technically this type of decisive move means that sentiment changed abruptly and usually implies that the trend has already turned. Any rebound should be viewed as opportunities to unload long positions or even go straight short.
Another pair XLK:SPY followed my proejction better. Weakness were shown in the past few days in response of the resistances at 50 day moveing average. Today it moves decisively above 50 day moving average, another technical proof that this pair bottomed and would move higher from here.
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