In the first chart here, daily bars, we see that during this past week price has recovered somewhat, while showing a lot of volatility, but not giving us much insight into what’s going on.  So let’s go to the weekly bars chart, the second chart.  Here we see that the intermediate term uptrend that started last August is still progressing, now about 87% complete, and looking like it still has several more weeks to go.

Some people think that oil price concerns have ended this uptrend.   So, I’ve looked at my accumulation/distribution indicators to see if any weakness has come into the market.  See the third chart here, daily bars, with my two favorite accum/dist indicators on it, which I have described in earlier posts.  Here we see that the initial shock of the problems in the mideast in mid February did bring the average daily volume on down days above that on up days, but only briefly.  Since then, up days volume has resumed being robustly above down days, an indication of underlying strength in the market.  This is further supported by the MVPT now being significantly above the price.

My conclusion from all this is that the intermediate term uptrend will progress to its projected end, undeterred by mideast problems.

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