Needs to be confirmed on the daily and weekly chart. $GLD attempting to break out of its multi month bullish pennant. Recent ATHs are a minimum target.
GLD triggered a bullish aggressive crossover last month (Dec) within what looks like a multiyear bull flag/bull pennant. If successfully consolidating in bull pennant, could produce a new leg higher in the coming months/years. Dependent on the following factors: falling real rates (higher inflation / lower nominal rates - one or both), USD relative to global...
As rates rise, TLT showing more and more weakness by the day and is testing critical support levels. While the month isn't over we have produced an aggressive crossover sell signal. If inflation expectations and rate rises / QT continue to come to fruition I would expect rates to continue to rise. Which is a bubble / stonk headwind.
Needs to be confirmed at EOW. $SPY does not have similar signal. Continued focus and realization of rate hikes, quantitative tightening, expectations related to these is a big tech headwind.
