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On Thursday morning my SPX path that has held the last four weeks hit a serious pothole with the break below shorter term rising wedge support and a break back into the high 2800s. I’ve been looking carefully at the options from here and there are clear bull and bear scenarios. Price needs to give direction but until demonstrated otherwise I’m leaning towards the bullish option that SPX has another new ATH into what well then be a high that lasts well into 2019.
RUT has been leading the market, as is often the case and is testing the 200dma, which is holding so far. On a break below the next big support is rising support from the early 2016 low. A break below that would be a major technical break. RUT daily chart:
From CMLViz: October is historically the most volatile month of the year for stocks and 2018 is proving to be no different. On a stock specific note, Intel now has analysts strongly on two different sides — either it is making a comeback or it has lost ground forever to AMD. That may mean more volatility, but that has in fact created a pattern for Intel. Here is a nice look at historical volatility by Month for the Dow Jones Industrial Average: (more…)
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