• 826 days Will The ECB Continue To Hike Rates?
  • 826 days Forbes: Aramco Remains Largest Company In The Middle East
  • 828 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,228 days Could Crypto Overtake Traditional Investment?
  • 1,233 days Americans Still Quitting Jobs At Record Pace
  • 1,235 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,238 days Is The Dollar Too Strong?
  • 1,238 days Big Tech Disappoints Investors on Earnings Calls
  • 1,239 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,241 days China Is Quietly Trying To Distance Itself From Russia
  • 1,241 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,245 days Crypto Investors Won Big In 2021
  • 1,245 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,246 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,248 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,249 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,252 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,253 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,253 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,255 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

The State of the Trend

The Vix system, which alerted us to a 100+ SPX points drop two weeks ago gave a long signal capturing a 30 point move to the upside:

SPY Weekly Chart
Chart courtesy of OddsTrader

The weekly market breadth indicator is no longer overbought and has droped to levels which precede sustained upside moves in the market:

SPX daily Chart
Larger Image

Despite the obvious uncertainties regarding a deal being struck on time in Washington, there are a few other troubling signs remaining. During the recent sell-off, SPY and SPX broke below the ascending channel in effect since November '12, which puts us on a ascending wedge watch:

S&P500 Chart
Larger Image

While the SPX and the DJIA have plenty of wiggle room to the upside, the Russell 2000 index should be the first one to signal whether bulls remain firmly in control by leading the charge to new highs:

iShares Russell Chart
Larger Image

GLD and SLV continue to be under pressure, with GLD taking a big hit on Friday and losing the 50% retracement level once again:

SPDR Gold Trust Shares Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment