• 2 hours China Targets Hong Kong As Cold War With US Heats Up
  • 1 day No Shirt, No Shoes, No Mask, No Service
  • 2 days Is Bitcoin Actually Worth The Energy It Uses?
  • 2 days Insurance Companies Are Turning People Away As COVID-19 Crisis Escalates
  • 2 days Mining Exploration To Drop By Nearly 30% Despite Gold Boom
  • 2 days Europe Set To Unveil Its $500 Billion 'Green Deal'
  • 3 days Major Diamond Mine Slashes Production
  • 3 days Social Security Could Dry Up In Less Than A Decade
  • 4 days Europe On The Brink Of Economic Crisis
  • 4 days Barrick Gold Launches Exploration Program In Japan
  • 4 days COVID-19 Is A Hacker’s Paradise
  • 4 days Why Big Finance Is Bailing On Fossil Fuels
  • 5 days A New Trade War Will Send Gold Even Higher
  • 5 days Could COVID-19 Lead To Authoritarianism?
  • 6 days The $30 Trillion Mega-Trend To Watch As Markets Bounce Back
  • 6 days Gold Soars To 7-Year Highs
  • 7 days From Smartphones To Smart VR Acquisition, Apple Pushes the Envelope
  • 9 days Why Covid-19 Won’t Kill The Renewable Revolution
  • 10 days COVID-19 Could Spark A Global Food Crisis
  • 10 days How To Play The Next Big Rally In Gold
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

  1. Home
  2. Markets
  3. Other

The State of the Trend

Last week we suggested that despite positive seasonals, the SPX will have trouble overcoming resistance at the 1420 - 1425 level. After testing this zone twice, the index finished the week just below it:

SPX

The chart above shows that the index has little room to wiggle, and next week should bring either a breakout above resistance, or a breakdown from the uptrending channel.

Part of the uncertainty associated with the next move of the SPX stems from the fact that there is a real tug-of-war going on between the other two major U.S. indices. While the DJIA has already broken above its recent highs:

DJIA

The NDX is in an even weaker position than the SPX, thanks in large part to APPL.

The last couple of weeks the SPX has started the week in negative territory, only to rebound on Wednesday. From a seasonal point of view, the market is entering one of its worst weeks of the year:

However, there is a FOMC meeting on the 11th and 12th , with positive bias going into it, and any decisive and coordinated market move is likely to be delayed until after the meeting.

 

Back to homepage

Leave a comment

Leave a comment