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Sigh. This market just can’t get any traction. No, let me correct that. It can’t get any downside traction. Every time I think that, at long, long last, we’re going to start going lower – – it’s over within a day. It’s disheartening, to say the least.
The past couple of days, of course, are what I’m referring to, since he had a nice beefy tumble on Tuesday……..and some great follow-through for a few hours (on the NASDAQ, at least) late Tuesday night. By end of day Wednesday, however, it was all over. Just LOOK at this madness!
That was a very nice day on NQ yesterday. I was looking for resistance at the weekly pivot at 5768, and the RTH high was 5764. The target on a fail was 5641 and that was slightly exceeded in globex (buffs fingernails modestly) before the start of the rally that we are seeing today. Does this mean that the seventh seal has been broken and the Bearpocalypse has begun? Um … no, but this swing high may well finally be in, subject to what we see on these rallies/backtests.
On SPX the obvious resistance is the daily middle band (daily closing basis). That’s being tested at the moment. SPX daily chart: (more…)
My family collectively watches about zero hours of television every year, with one notable exception: the show Silicon Valley. I’ve only seen bits and pieces of it, but my son watches it obsessively, which I frankly consider a great education in the culture of this lunatic asylum. Someone put together an incredibly detailed analysis of its opening titles, and it’s fascinating just how much trouble the creative team went into making references that 95% of folks would miss. Check it out:
Well, the market – – especially the high-tech-laden NASDAQ market – – had been in full-blown swoon mode last night, but around the level 5640, it found the same support it had found twice before. The Powers That Be aren’t too keen on red quotes on their screens, and sure enough, Goldman Sachs fell all over themselves to come out with a report with a projection the S&P 500 a full 100 points higher at year-end than their prior report. All the same, I suspect this third test of the support shown below will be the last. Just one more bit of meaningful bad news will push us lower enough to magically change the role of that line from support into resistance.