8:32, Another sign that we are in a topping process, fewer stocks are participating in the rally, as the indexes are rallying to higher highs it is doing so on fewer stocks making new 52 week highs.
Click here for a live and updated chart!!!8:09, The SPX has not made any higher highs so far this morning, but it is way to early to say yesterdays high was a top of some sorts. Indications are overwhelmingly pointing to over-bought conditions. A break below 1131.37 at this would move the trend to bearish.
The Euro's impressive run over the last few months might be very close to an end after reaching 61.8% retracement, hitting the top of the channel, and with the RSI in extreme over-bought territory, things are ripe for a sell-off. First support is from the previous high at 133.34.
7:39, Yesterday's intervention only delayed the inevitable, the SPX is very top heavy now with over 90% of the stocks representing the SPX above their 50 day moving average. The longer they try and prop-up the market, the harder and further it will fall.
7:16, $TNX, which tracks the yield on 10 year treasures opened gap down below support, making another lower low. We now have a race on the see which country can destroy their currency first, 5.2B by our FED yesterday, and 5T yen from the Japanese as they intervene in their currency. Government manipulation of the markets where the taxpayer gets no rewards, and holds all the risk!!!
I liked your statements under 7.16 updates. America thinks they can do anything when they want to. So they think they can destroy dollar and prop up equity markets and other coutries will just watch it! World is changed now. No one is going to just keep quiet but retaliate and when that happens its not going to good for America.
ReplyDelete