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My indicators are giving buy signals again this week, an upgrade from last week’s neutral signals, as the Dow Jones Industrial Average broke out of a narrow trading range to clear the 20,000 level. I’m now expecting that the market will continue to move higher.

From a technical point of view, all three of the major indices have broken out over the last month or so, which is very bullish, and it suggests that stocks have more room to run. In my opinion, we could see additional rallying action for at least the next three weeks.

As far as commodities go, gold has run into a lot of overhead resistance, so I’m no longer bullish on gold. After tapping the $1,220 per ounce level earlier this week, it has begun to pull back. So, a bearish position on gold looks like the way to go:

Buy to open the SPDR Gold Trust (ETF) (NYSEARCA:GLD) Mar 111 Puts (GLD170317P00111000) at $1.30 or lower.

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