On Tuesday we witnessed the S&P 500 and the DOW make new all-time highs. What is the significance of this? If you've been following my work and reading our comments then you're probably familiar with the 52-Week New Highs on Friday Rules which go like this: Rule #1: On a new 52-week high, when the market closes at or close to its high on a Friday, buy and go home long for the weekend. Rule #2: Exit the long position on the opening the following Tuesday. Rule #3: If the market opens lower on Monday, exit this position immediately. Since making their highs on Tuesday, the DOW and S&P 500 have been steadily moving lower and are in danger of closing lower for the week. Doing so would create a "negative engulfing line." A "negative engulfing line" or "bearish engulfing line," as it is some times called, is when the market price action engulfs the previous open and high period for the preceding week or day. If this turns out to be the case for the DOW and S&P 500 and this coming week they both close lower for the week, then the odds are pretty high that a top is more than likely in place. Gold (FOREX:XAUUSDO) continues to meander sideways, but does appear to be building a base to move higher. If you have not seen my latest four-minute special video report on gold, then I highly recommend you check it out. After falling dramatically, the Euro/Dollar appears to have found support. I expect in the short term for this support to hold as this market regroups. Crude Oil (NYMEX:CL.N14.E) has put in a rather good week, moving up 1.8% from last week's Doji cross. A Doji candlestick cross is a Japanese candlestick term where the market opens and closes at the same price for the day or week. This type of formation often confirms a reversal in trend and in crude oil's case, it would appear that this market did reverse and start moving back up.
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