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With the help of some of NFTRH‘s standard weekly charts, we take a snapshot of the US stock market.
The Bank index is unbroken from a weekly perspective. People will talk about an H&S but it is not activated until the trend channel and the neckline (a well defined support area) are broken. BKX, along with the Semiconductors has been a notable leader to the entire surprise* phase of the bull market out of Q4, 2012.
While our beloved Slope-meister rounds out his European vacation, I figured this might be a good time for those of us stuck at home to take our own quick trip around the world. I’d have to say that I have not seen such a unanimously bearish technical outlook for just about every major global stock market that I follow, US markets most certainly included, since at least early-mid 2011, if not late 2007. As (price) action speaks louder than words, without further ado I present you with a compilation of daily & weekly charts of the world’s largest equity markets. (more…)
Here’s Coupons.com, which reported its “strong” results today – – and the dashingly handsome CEO/Founder Steven Boal in the lower left. It’s like 2000 has come back in full force. Talk about half-off! (NOTE: this doesn’t even reflect the extent of the damage; this piece of crap has plunged to lifetime lows, well below what is reflected here; there’s a personal element to this story I shan’t go into right now, but suffice it to say I’m delighted to see this company in flames).
After Tuesday’s sell off, the markets ran in place on Wednesday – forming many indecision candlesticks on a variety of charts. Thursday’s pre-market future look spikey and a bit unrealistic. Let’s first review the $INDU analog and WAG I threw up on Tuesday.
Analog Update (still a near perfect match)
While I readily admit this WAG has low credibility, the current shock event continues to mirror the Dow’s 7% correction in January of this year. I have also added a 17-43 crossover (a trend change signal) on the chart which was validated Wednesday. The $INDU’s long trend up is officially challenged. For reference, the 17-43 crossover is from author/trader Jea Yu.
