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For six trading days – – that spans three calendar WEEKS – – the market has been positively stuck in a relatively teeny little range. On the one hand, there was the preposterous and ultimately pointless counter-trend rally which exploded into the Memorial Day weekend. On the other hand, there is the Himalayan Mountain Range of overhead supply holding prices back.
There’s a reason all the charts below, which are comprised of a wide variety of financial instruments from all over the globe, yet still all look the same. The reason is that, in a just and sane universe, every single one of them should get absolutely blown to hell this summer. It’s as simple as that.
It seems like we’ve been talking about the IYR analog since John Kennedy was in office. This thing moves so damn slowly. The flip side is that if the pattern does complete, the move will likewise be powerful and persistent.
As a reminder, the “analog” actually doesn’t exist anymore, but only because the recent topping pattern is so much better than what took place pre-Covid. The trio of exponential moving averages is definitely behaving itself properly.