• 17 hours Banksy’s Littered ‘Monet’ Sells for $10M
  • 3 days Three Renewable Energy IPOs To Watch
  • 4 days Bitcoin Nears $13,000 As PayPal Joins The Crypto Fray
  • 5 days DOJ Declares The Obvious: Google Is A “Monopoly”
  • 6 days Alibaba Is About To Make History Again
  • 7 days Robinhood Users Are Latest Target Of Pandemic Hackers
  • 9 days The Hydrogen Boom Will Provide A $200B Boost To Wind And Solar Energy
  • 11 days Will The 5G Rollout Overshadow This Major Merger?
  • 11 days Corporate Bitcoin Holdings Boost Crypto Confidence
  • 12 days Indonesia Rolls Out Augmented Reality Innovation To Combat COVID
  • 12 days Banks Are Getting Rich On Pandemic Overdrafts
  • 13 days The Real Reason China Is Betting Big On Renewables
  • 13 days Europe Wants To End The Big Tech Monopoly
  • 14 days New Breakthrough Could Transform Rare Earth Mining
  • 14 days Waymo Set To Roll Out Fully Self-Driving Vehicles
  • 16 days Aramco Dividend Won’t Cover Saudi Budget Gap
  • 17 days Credit Card Debt Plummets Amid COVID
  • 17 days Biden Plan Targets “Wealthy” Taxpayers
  • 19 days McAfee Arrested In Spain On Tax Evasion Charges
  • 19 days South Asia Is Set To Unleash A Flurry Of IPOs
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Unlucky Friday the 13th?

The stock market is nearing the ten week cycle low from November 4th, 2016. The daily Bollinger bands are tightly squeezed together suggesting a break-out one way or the other (an expansion of volatility). The SPX broke the uptrend line today only to close back above the line. Normally, this is a sign of strength, but the OBV did not confirm the recent highs suggesting the smart money has already moved away from the market. I would call this a sign of weakness.

All it takes is a straw to break the proverbial camel's back and that straw could enter the picture on Friday the 13th. We had a similar set up on Friday September 9th, 2016. This is not a prediction, but rather a head's up.

S&P500 Daily Chart
Larger Image

If a Friday the 13th event takes place (which is possible), I would then shift my March 2017 target to just down 5%, somewhere in the 2160's.

GDX looks as though it could fall hard here too into next week, just like early September. We caught the recent decline, then the up move into today (from yesterday), and then went short again near 23.18.

 


Subscription website: blustarmarkettimer.info

 

Back to homepage

Leave a comment

Leave a comment