At the risk of seeming like I'm putting together another post that is merely grasping at a straw – any straw – to prove the market is going to turn down Real Soon Now, I offer the following:
Bonds, as measured by TLT, have been doing a pretty good job bouncing off the Fibonacci fans I've drawn. The last time they bounced twice off a supporting line, they turned around and rallied heartily. We are, I submit to you, ladies and gentlemen, completeing a similar double bottom right now.
If bonds do zoom higher (and I'm well aware as to how many bond bears that are, and how convincing their narrative is……….), equities will likely turn down. The last time we bounced off such a double bottom is highlighted below in green. As always, only time will tell.