We’re past the first beefy week of the earnings season, and although nothing dramatic happened with the indexes, it’s worth an update. I’ve said a few words about each one, and identified them, in the caption for each chart (any one of which is clickable for a bigger view).
Dow Jones Composite – still range-bound; unresolved for bulls and bears alikeNASDAQ Composite – Failed bullish breakout. Note inset.Gold bugs index – extraordinary upmove, but probably due for a breatherNASDAQ 100 – Bullish breakout, but pretty feeble. One bummer earnings from a megacap (like AMZN, for instance) would wreck this chart.Russell 2000 is still the most clearly bearish looking patternThe Major Market Index hit a new lifetime high on Friday, although in the end it formed a bearish shooting star pattern for the dayThe S&P 500 is turning away from a major resistance trendlineFinally, volatility flipped bullish on the PSAR Friday, plus it remains terribly oversold.
