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The headline sounds like it should be said by some aging disc jockey
on a classic hits station. However it’s probably the newest phenom that
Google® itself never envisioned happening to them. After all, if you’re
the crowned ruler of the algorithm machine (some might call it more of a
monster) then you never think the robots can turn on you.
But these bots don’t belong to the Google kingdom, nor do they answer
to their servers. Just like Google, they can’t be reached by phone or
seemingly anything else if you disagree with what they’re doing – or
what they’ve done. Regardless if it cost you money, time, reputation, or
In my post of July 25th, I pointed out that Britain's
FTSE 100 Index was trading around a major price support/resistance
level of 5500. It subsequently bounced from there and has risen to the top of
the large "Diamond" pattern (which, I mentioned, has been
forming from 2009/10…and is, potentially, a topping pattern with a
1300 point range).
The updated Daily chart
below shows market action, to date (October 18th's close). Price is
facing immediate major headwind resistance from the upper edge of this
Diamond pattern, along with negatively-diverging RSI, MACD, and Stochastics
Indicators…one to watch for a potential breakdown, as the 1300 point range is
I'm mindful of the
fact that Britain is also facing a 9 billion pound debt
incurred from hosting the 2012 Olympic Games, as it struggles
with a double-dip recession, severe public spending
cuts, and an unemployment rate of 7.9% (as reported here on October 17th and shown on the graph
below)…adding, enormously, to the above headwinds.
The retracement that I was talking about yesterday has been happening, but not quite as I expected, and while I'm still leaning bullish here, that might change today. On ES a little H&S has formed from the high and that has already broken down with a target at 1435. I said yesterday morning that my bull/bear line was support at 1444.5 and that's still true, but the likelihood that will be broken has increased considerably since then: