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Well, I had pulled together a bunch of ETFs, nice and neat, to talk about them, but out of the clear blue sky some kind of rumors about the deal terms of the long-awaited China/US agreement are flying around, the equities are zipping northward again.
The short term resistance on the SPX 5dma and 50hma that held for much of last week eventually broke and delivered the high retest and marginal higher high that I was looking for in the event of that break. So what now?
Well I’m expecting this to be the second high of a double top or possibly making the head on an H&S. 15min sell signals have fixed on SPX and an hourly sell signal has fixed this morning on ES. This high could already be in, and the rising wedge on ES from the last low has now broken down, which is promising. A small double top has broken down slightly towards a possible H&S neckline in the 2854 area, and there is now a substantial double top in place which on a sustained break below 2789 would look for alternate targets in either the 2728 or 2706 area.
(more…)Here’s an interesting little experiment. I pulled up SlopeCharts and entered the symbol $MISERY (yeah, my kinda symbol), which shows the “misery index” of inflation and unemployment. I drew two lines, one at 10 and one at 4. Over the span of this chart, MISERY went above 10 twice and below 4 three times (the most recent of which was, oh, right about now).
Amazon looks poised for more gains. And why not? Its P/E is a cheap 90!
After the excitement of yesterday (if you want to call it that), it pays to reflect on where things stand with a couple of the major ETFs representing Dow stocks. Try though it might, the DIA actually failed to overcome its resistance line. I’ve tinted all prior attempts, including yesterday.
