Harley, surprisingly has been in a bullish trend since November making higher highs and higher lows.
They concede the potential for a pause in the advance but emphasize that the overall bullish trend is strong.
Even as losses were mounting and sales lacking any momentum, the stock is remarkably still in a somewhat bullish trend.
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Purchasing SPY puts, meanwhile, leaves traders open to the very real possibility that stocks will resume their longer-term bullish trend higher.
That is major support and if a bullish trend is to continue that level must not be violated near or medium term.
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The stock remains in a bullish trend and has maintained its momentum in the past month, leading the index by about 3.5%.
The stock remains in a bullish trend and has maintained its momentum in the past month, leading the index by about 6.5% as well.
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Interestingly, following a golden crossover in July 2012, the 50-day moving average continues to read higher than the 200-day moving average, manifesting the bullish trend.
Notably, following a golden crossover in mid-Nov. 2012, the 50-day moving average continues to read higher than the 200-day moving average, manifesting the bullish trend.
Gains through that ceiling will reignite the longer-term bullish trend momentum.
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As best as I can remember, a bullish trend in the stock market typically come to an end after investors have moved large amounts of money from cash and bonds into stocks.
Those who see higher prices expect the bullish trend to continue as gold has put in five weeks of gains, while those who expect price weakness said the market is due for a correction.
That latter zone must hold to keep the longer-term technical trend bullish for gold.
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Technically, to confirm an actual bottom on the daily chart and turn the near term technical trend bullish, the market would need to close above that ceiling.
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The weekly OBV made new highs last week, which is bullish for the major trend.
When the crowd is too bullish or bearish, the trend is about to reverse.
The bulls are trying to cement a bottom on the daily chart and turn the medium term technical trend back to bullish.
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Fear is on the rise and stocks are falling fast, but before heading for the sidelines, take a look at the market internals, which show that the mid-term trend is still bullish.
Since rebounding off of the March 2009 bear market bottom, the Dow sustained a pattern of higher lows and higher highs. (For those of you who do not look at charts, this is a bullish pattern.) The trend was interrupted earlier this month when the Dow revisited its February 2010 lows.
While the longer-term trend for gold is bullish, several veteran market watchers said considering the strength of the rally in gold since the August lows, gold is due for a correction.
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The longer-term secular bull trend for gold remains bullish, and there remains plenty of fodder on the horizon to help trigger another explosive up move in the yellow metal in the days and weeks ahead.
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If crude can continue to trend higher that would be a bullish underlying factor for the metals.
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As leveraged plays on the price of gold, this upward trend in gold price is extremely bullish for gold producers.
If crude can continue to trend higher it would also be a bullish underlying factor for the metals.
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If the index does begin to trend lower again, that would be an underlying bullish fundamental for the precious metals.
Since the highs in September of 2011, I have been looking for a correction within the major trend that would last long enough to reverse the extreme bullish sentiment that prevailed last summer.
So while the current trend clearly indicates lower prices are expected, I find myself leaning slightly bullish with my bias.
In some instances, you will also see the formation of bullish or bearish divergences between the OBV and prices that can alert you to important changes in trend.
If this trend of weak U.S. data continues, my bias is that it would be more bullish to the precious metals than has the recent weak data.
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