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One nice tidbit of evidence for the deflationary environment in which we live is the ETF devoted to agricultural commodities, shown below. I’m not buying it myself (actually, I’m not buying anything) but those inclined toward purchasing something near what looks like channel-based support could do worse than this one:
Johnson Controls Inc. (JCI) has strong potential for significant upside as well as an excellent story of strong fiscal management and innovation. From a technical side there are two competitors of JCI’s that I also think have excellent chart setups: WABCO Holdings Inc. (WBC) and Rockwell Automation Inc. (ROK).
It is very interesting that while WBC and ROK are competitors in two different core areas of JCI’s business — auto parts vs. building automation, respectively — the two competitors have remarkably similar charts to each other, and also to that of JCI. All three have strong setups off the October 2014 lows for immediate upside, in addition to longer term bullishness.
After an incredibly whippy day yesterday the close left a very strong bull setup on SPX. This may just be a bull trap but if so, it is a very thorough and well put together bull trap, and at the least I am impressed.
The pattern setup here is a falling megaphone from the last hit of range resistance in the 12064 SPX area, and that isn’t inherently bullish here as it has already broken up and retraced 50%. What does look bullish is the possible double bottom targeting the 2069 area on a sustained break over 2025. SPX 5min chart:
