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Back on May 31st, I pointed out the ascending trendline on the small caps (via IWM) and mentioned, “As you can see, the last time it tagged this lower channel trendline, it rallied mightily.” Well, regrettably, that is precisely what has happened. I’ve put an arrow on the day of the post:
So where to from here? Ya got me; lifetime highs aren’t my cup of tea.
It can be a little disconcerting being up at 5 in the morning, pitch-black sky outside, and know that I need to write something……….anything………about a market which is doing absolutely zilch. And yet that’s the task ahead.
As I expected, the “Super Thursday” this week, with – according to ZeroHedge – seven gigantic, market-moving events, turned out to be a big, fat nothingburger. As I am typing this, the ES is up a tenth of a percent, the NQ is up, but even less than that. and I’m not so sure traders won’t be gathered around their screens on Saturday staring at quotes, since it won’t seem much different than any other day this week.
