• 59 mins Bernie Sanders Proposes $1.6 Trillion In Student Loan Forgiveness
  • 3 hours Using Chrome? You May Be Sacrificing Your Privacy
  • 19 hours What Would You Do If You Found A Wallet On The Street?
  • 1 day Tesla's Solar Business Faces An Uphill Battle
  • 2 days Billionaires Are Pushing Art To New Limits
  • 2 days Gold Enters A New Bull Market
  • 3 days Why Central Banks Are Dumping The Dollar
  • 4 days Investors Are Spooked As Negative Bond Yields Hit $12 Trillion
  • 4 days US Consumer Debt Is Worse Than Ever
  • 4 days Tariffs Jeopardize $1 Trillion In Energy Investments
  • 4 days Smart Money Is Betting Big On Gold
  • 5 days The World’s $100-Billion-Club Now Has Three Members
  • 5 days How Did 7 Million Tons Of Venezuelan Gold End Up In Africa?
  • 5 days Americans Are On A Crash-Course With Credit Card Debt
  • 5 days The Mining Industry Is Staging A Comeback
  • 6 days Opioid Producers Face Bankruptcy As Federal Crackdown Accelerates
  • 6 days U.S. Sanctions Are Wreaking Havoc On Iran's Economy
  • 6 days Billionaire Hedge Fund Legend Bets Big On Gold
  • 6 days Will Facebook’s Crypto ‘Libra’ Challenge Bitcoin?
  • 7 days Will The Stock Market Really Crash If Trump Isn’t Re-Elected?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Stock Market: CNBC Report


A few weeks ago I said the index had hit a peak and would go down to or marginally below the February high. I have drawn this forecast on the chart. There is a strong probability the index could show a secondary or lower high on either the 19th of July or more likely the 27th of July. If that occurs there will be a fast move down. It will be easy to determine which date will be the secondary high because the rally will be 10 to 13 trading days up into it. That means the low around the February high will need to be hit and then tested one or two times. In the short term there should be a counter trend rally of one to three days around this June low as many traders believe it to be important. A break of that low will be followed by a capitulation down to the February high. With rates rising and the economy struggling the fundamental environment for a significant correction is in place but that will come from a secondary high at one of the two July dates.


In early May I said the oil market was going to go back up and test the previous high and at that time there would be a pattern in place that could represent an intermediate counter trend in a down trending market. That pattern is three tests of the obvious resistance level. If the market shows an indication of trending down from here as a counter trend move of one to four days it could break the January lows.


Gold is in a fast move down that will not find a low until July 20th around the price of 618 or even 587. There was a weak trend up below a spike high and that is a setup for a fast move down which is now taking place. If the market can rally back into the last congestion it jut broke down from then I'm wrong.


Back to homepage

Leave a comment

Leave a comment