Now that Q2 is over, we can reflect upon one market that showed relatively persistent weakness: emerging markets.
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SPX reached the ideal 2680-2700 retracement low range and has rallied strongly from there with a 60min RSI 14 buy signal fixing this morning. The low isn’t definitely in yet, with resistance at the 50 hour MA and daily middle band above in the 2737 and 2756 areas respectively, but this is a very strong candidate low, with a decent double bottom setup here meaning that there would be no need to retest the low as part of a bottoming process. We’ll see how that goes. (more…)
Now that Bitcoin has breached $6,000, it should be melting away, but I suspect enough major players realize how vulnerable crypto is at these levels that they are doing a yeoman’s job keeping things propped up for now. From a support/resistance perspective, there is little in the way of support at these levels, however. One piece of bad news from some corner of the earth should start things sinking in earnest.