Daily Forecast 3/25/20

Our trade entered in TQQQ still has room to run before we consider taking profits. Currently showing a profit of approximately 33%. Several key indexes held the 10 day moving average today. It's the first step in putting in a bottom of some sort. The dow has a huge day outperforming other indexes which is a strong sign. The smartest money on the street will pour into bluechips when a bottom is close as we are seeing. We expect a choppy advance going into mid month. Tomorrow has potential to be a big up day if congress can get their acts together and pass the multi trillion dollar stimulus. Our expectation is for some weakness on Friday and into month end next week.  Note on the dow chart we have the Coppock Curve staring to curl upward another very positive sign!

Golds action is not yet clear. A break above 1710 area would allow us to consider much higher prices sooner than anticipated. Until it proves us wrong we currently expect a side ways choppy action to stay in force into June. There will be a lot of large swings which we may trade during this time if this continues to occur. Gold just had a big up from its last cycle low in November 2019 from 1450 to 1700. Large trending moves in a multi month period are often followed by some period of harder more congested trading. We are still watching for the period of April 10-13 to generate some type of tradable low for us in gold. 

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