THE TRENDS: Both the long term and intermediate term trends remain up. However, there are some early signs that the intermediate term trend may be in jeopardy. When looking at the chart notice that price briefly exceeded the high in April at 142 only to close lower at 141.51. The week also closed lower than last Friday. This is bearish. The other indicators that I look at are split as to what may happen next. Ultimately I'll need to see at least a strong weekly close below the 10 week moving average which is currently at 137.98.
WHAT I'M DOING LONG TERM: As I mentioned last week I took 1/2 of the funds I've committed to long term investing off the table. I will keep the other 1/2 in the market until I see more signs of a confirmed intermediate term down trend. Have a great weekend everyone!
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