• 753 days Will The ECB Continue To Hike Rates?
  • 753 days Forbes: Aramco Remains Largest Company In The Middle East
  • 755 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,155 days Could Crypto Overtake Traditional Investment?
  • 1,159 days Americans Still Quitting Jobs At Record Pace
  • 1,161 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,164 days Is The Dollar Too Strong?
  • 1,165 days Big Tech Disappoints Investors on Earnings Calls
  • 1,166 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,167 days China Is Quietly Trying To Distance Itself From Russia
  • 1,168 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,172 days Crypto Investors Won Big In 2021
  • 1,172 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,173 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,175 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,175 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,179 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,179 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,179 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,182 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

The State of the Trend

What a difference a week makes. Last week it was all gloom and doom, and I had to caution readers about being overly pessimistic given the overall technical picture and oversold market conditions.

This week the tables have turned. Market internals are as overbought as they come, and it's time to caution against excessive optimism.

Turning to the intraday chart, we find SPY firmly in the middle of the bear flag. The key levels to watch are clearly defined. A trip up to the top of the flag or a drop below 120 (1200 basis the SP-500), whichever comes first, should provide excellent shorting opportunities.

The channel chart supports this view as well:

Monitoring market sector rotation offers another useful way to spot early change in trend signs. The charts below are from my blog, and highlight the contrary nature of gold in this process:

 

Back to homepage

Leave a comment

Leave a comment