Monday Market Commentary - Tuesday 17, 2017

Stocks Hold to Buy - The major market indexes were consolidating flat for the most part last week. Forecast remains the same. The forecast for the major market indexes still higher for the time being. The Nasdaq has the strongest momentum currently and would be the best place to trade long right now. 

Bonds Hold to Buy Near-Term - The 30 Year T-Bond bounced higher last week to the 153 area then reversed to the downside on Friday before the close. The forecast for the 30 Year and 10 Year T-Bonds is still for a higher upside correction bounce, but now that the upside bounce has happened, price's could now consolidate to correct a little lower before heading higher again. Longer-term the forecast is down. No confirmation on a longer-term sell signal yet.

US Dollar Neutral Near-Term - The US Dollar declined near term as previously forecasted and has made a sufficient correction pullback to suggest new buy long entry positions at current prices, but a more clear longer term forecast is not seen quite yet. The USD index could still see the 99.43 to 100.00 price area tested which would either be supported or violated. Longer term, the forecast leans to the bullish side. Near-term no trade yet. 

Gold Silver Hold to Buy Near-Term / Possible Long-Term Buy - Gold has now hit the 1200 to 1205 price area as previously forecasted and is now moving even higher today. Major support still stands at 1122.98. With this recent strong upside momentum, look for any quick sharp pullbacks to enter new buy long positions. Watch for potential pullbacks to 1192 - 1168 area for a low-risk high-reward buy positions or a continuation above current near-term support now of 1200 to 1205. The potential for a bullish continuation could see gold go to 1377.50 that was reached on July 06, 2016.