Monday’s market wasn’t exactly a hallmark of dynamism, so I don’t have any particular these to write about. I’ll just share a couple of charts that I found intriguing.
The first is emerging markets, which has been persistently bearish all year. Just look at those lower lows: not a single violation! It seems to be approaching some form of support. A failure at that level, where the lines converge, would set us up for a new phase lower.
On a totally different note, Advanced Micro Devices has been on an absolute tear. I have no position in this, but I wanted to point out that in spite of not mimicking its prior behavior (two rounded tops), it is rapidly approaching its descending trendline. My feeling is that exhaustion is soon to set in.