Quick Market Update

Yesterday, we saw the breakout above the top trend line of the February triangle consolidation pattern. Today, we saw the initial backtest to the top trend line, which was a bit strong in a few cases, but the backtest held support.

Today, GLD bounced off its micro double bottom, bouncing between the neckline that hasn’t been negated yet. On a short-term relative basis, note how the silver area is just a bit stronger than the other indexes, making a slightly higher high today.