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I find this exciting (although I’m a deeply troubled person, so it could be just me). Anyway, looking at the long-term chart of the Dow 15 Utilities, I notice that there are five instances in which prices tagged the red trendline I’ve drawn were all followed by deep and sustained bear markets. Remember to click any chart in a post to make it gigantic.
Monday’s session showcased commitment from bulls as they defended against last week’s 2980.75 key range low support on the Emini S&P 500 (ES) with a double-bottom low at 2982 during Globex trading. Price remained above the daily 20 EMA in the 2970s as the whole range day ground slowly higher with higher lows and higher highs into the regular trading hours (RTH) closing print.
The main takeaway is that the smaller range of 2980-3025 is taking place within the overall 2955-3025 range of the past couple weeks. Everybody and their mother seems to be waiting for this high level consolidation/digestion to complete and for the move toward new all-time highs as we head into next Monday’s quarter end and into October.
(more…)Lyft (symbol LYFT, duh) came public only earlier this year, and let’s just say some of it got into the investing public’s eyes. Losses are over 50% as of today, and I daresay much deeper losses will be forthcoming.
If you dare!
Yesterday evening, I was pissed and irked to see the ES rip higher based on the announcement that the Vice Premier of China would be heading to Washington. Turns out I got all worked up over nothing. The area I’ve tinted shows the spike, which the market has wisely concluded is beyond all measure of unimportant. I’m seriously not sure what these algos are thinking.
