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Another marginal higher high on SPX yesterday, though that was a marginally lower high on ES. On the ES chart that was a retest of broken rising support for the last move and the overnight action looks like a bull flag, though it’s worth noting that at this point yesterday the overnight action looked like a bear flag. Support on ES this morning is in the 1586/7 area at the hourly 50 and 100 MAs:
Further to my recent post wherein I introduced a hypothetical portfolio of indices, ETFs, and the 30-Year Bond (in order to broadly track “value” vs. “growth” sentiment), I would offer the following graph which depicts the percentages gained/lost so far this week (as of Thursday’s close).
Market participants favoured the Technology sector, followed by Emerging Markets, Cyclicals, Large-caps, Commodities, Small-caps, and Financials. Homebuilders has been flat and some profits have been taken in the Health Care Sector. Some money was then allocated into 30-Year Bonds. (more…)
Prudential Financial had a strong breakout from a diamond pattern today. Based on the size of the pattern, it seems to me PRU could easily make its way to the low 80s.
Here are some possible bear flags in the making, compliments of the precious metals sector. These are weekly charts and the flags may not yet be mature. Indeed, we have been managing a would-be rally by the miners off of the capitulation low of a couple weeks ago, and that is still in progress.
