We can't get balanced picture of the markets without looking at some commodities. So, let's take a look at gold and the oil companies.
GLD (an ETF that tracks gold):
It's not very clear from GLD's monthly chart to tell where it is heading next. It managed to close above the resistance at 65.3. The MFI looks like it might be bottoming out. If the MFI starts to go up, GLD could go much higher. The monthly MAs are still going up, although the 10-month MA looks like it may be flattening out. The BBs are narrowing in, so, it may be range-bound.Let's take a look at the weekly chart and see if we can get a clearer picture.
Looks like GLD is riding the 10-wk MA and going up. The MFI and RSI on the weekly chart are curving up, after taking a rest. So, GLD could be going up a bit, but, will probably meet some resistance around 70 or so (it's 52-wk high).
OIH (an ETF that tracks the oil service industry)
After months of consolidation, oils might be looking to run again! The SAR just turned up, with a bullish engulfing candle. The MACD, MFI, and RSI all turned up, too!
So, after looking at the monthly charts of Nasdaq, SOX, SPX (SP 500), MDY (mid-caps), GLD (gold), and OIH (oils), the bigger picture doesn't seem all that bad. Looks like we have:
1) a neutral"ish" trend with a bullish bias in the broader markets
2) a neutral trend in the semiconductors that might try to break out, which would give some needed momentum to the Nasdaq
3) money is still in the mid-caps
4) the party in the commodities might be picking up some more hot sauce!
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