chart: GLD is Over Bought (OB)

Data courtesy of Worden Bros

This is a Daily chart and used for swing trading.  The following mentioned symbols are also from Daily charts for the purpose of swing trading...

Of the few dozen symbols charted, many of the precious metals look very much like the chart of GLD above, OB.

Other symbols, but not limited to these symbols,  look very similar.  They are, CU, OIL,  AWK, CVX, DD, EEM, DJSH-X, MXY-X, XLE.

When looking at the signals for the stock market, the signals of the SPY, which can be used as a proxy for the stock market, are grouped with the signals of the Advances/Decliners, Cumulative Volume, % Stocks above the 200DMA and % Stocks above the 40DMA.  If 2-3 of them are on a sell signal or if 2-3 of them are on a buy signal, it is interpreted as a valid signal.  This theory was back tested only for the past 3 years, 2013, 2014 & 2015 and it worked well during that period.  The reason for using 4-5 charts is that not every chart becomes OB or OS each and every time together.  If it did, your job would be that much easier and the stoack market doesn't want to make it easy for anybody.
Currently 4 of the 5 are on a sell signal.  So caution here is warranted.  Keep an eye on the indicators that work best for you.

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This has been posted for Educational Purposes Only.   Do your own work and consult with Professionals before making any investment decisions.  
Past performance is not indicative of future results