Note from Dudley Pierce Baker
April 17, 2024, 4:33PM, CST
Based on today’s closing charts (not shown) for the QQQ, NASDAQ, SPY, and NVDA, I would personally conclude that these markets can be said to have topped out for this cycle.
All of the charts reflect we are now below the 20-Day Moving Avg and most are now below the 50-DMA. Only NVDA remains slightly above the 50-DMA. Do we need to wait for the 20 DMA to cross below the 50 DMA?
Is it possible that we could still have one more surge up to new highs? Well, anything is possible, but for now the trend seems to be strongly down.
Now, let’s check on the latest from Chris Vermeulen and his views on the markets and gold and my latest videos on Insider Trading:
Is a Topping Market A Sign Of An Impending Recession?
Do-Or-Die Week for Stocks And Gold to Pause/Pullback
Insider Trading: Knowledge Is Power – Two YouTube Videos
