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Interesting morning so far – – gold is getting its shiny bottom kicked, and equities are (as usual) drifting higher. I came into the day short Brazil by way of EWZ, and unlike US markets, Brazil is actually slipping right now. Of particular interest to me, besides the enormous multi-year drift down, is this highlighted pattern……..
A solid jobs report, and an unemployment rate of 4.3%, is giving the markets some much-needed direction (how about that……..95.7% are working! Although some might say it’s more like 63%…….but I digress). This is strengthening the dollar, as I’ve been hoping it would…..and like I wrote about two days ago.
My post of January 25th on the Dow 30 Index mentioned that price had reached 20,000, in spite of negative rhetoric from media pundits and some investors about an imminent implosion of markets under President Trump’s economic agenda in the months leading up to the presidential election and to that date.
Yesterday, the Dow 30 broke and closed above 22,000 for the first time, setting another all-time record high. As you can see from the Monthly chart below, price has now hit the top of a long-term uptrending channel from the 2009 lows. So far, markets seem unfazed by the ongoing political gridlock and machinations in Washington. (more…)
It has been a narrow range week on SPX, and for me the obvious read is that a triangle is forming on SPX/ES, with another possible triangle forming on NDX/NQ, and RUT/TF ploughing an independent furrow. I show the possible triangles on the ES and NQ charts below, though I’d note that Stan is not regarding these as high quality triangles.
RUT made the double top target at 1410 while SPX and NDX have been trading sideways. I’d note though the clear falling channels now established on both RUT and TF, and that buy signals are brewing on the hourly chart while the next obvious target within the falling channel is channel resistance, currently in the 1420/1 area. RUT 60min chart: (more…)
