Bears have been frustrated, and I am among them, that bear markets are allowed to go no longer than one, maybe one-and-a-half, days. This week brought another example. Monday was a market holiday, but on Tuesday, we had a nice tumble. The fall was continuing overnight, but our old pal Dennis “the commodity king” Gartman decided to go bearish on crude, and, well, the result was predictable.
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Short Parker Hannifin (PH)
SPX did a very nice test and hold at the daily middle band yesterday. SPX opened above that today and has gone slightly below it intraday at the moment. As this is daily closing support only, for it to hold on a test again today it just needs to be back to or above the daily middle band at the close today. In the meantime we may see a move significantly below intraday and I’ll be looking at the targets for that on the ES chart: SPX daily chart:
Greetings from Dallas. Looks like another terrific morning in the market, with the exception of Gartman declaring himself bearish on oil. Well, that blows. The moment things are looking good, ol’ necktie-and-handkerchief comes along.
The USD/JPY has been following the path I laid out months ago, hacking its way from retracement to retracement. We’re approaching parity, and with a huge slug of support having been destroyed (tinted in yellow), it seems altogether possible we’ll be seeing sub-95 this year.