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In this post I would like to offer the bears (if I may dare to use the plural) some succor.
We begin with the $XAX, the Amex Major Market Index, which is in the throes of completing a terrific topping pattern. It isn’t done yet, but by God, it’s working on it. It needs to break the horizontal.
We have to give the devil his due: the market is still bullishly-configured. The three surviving bears on Earth must recognize this. Of course, if these formations break, that means they are equally as powerful in their failure as they are in their success. But, as of Friday’s close, we have a SPY that’s still perfectly poised for higher prices……..
I have long contended the commodities – – crude oil in particular – – will be a much more honest indicator of the forthcoming economic situation than the politically-distorted mewings of people like Powell and Yellen. On the whole, commodities have been slipped lower. Once they broke below the ascending channel, it was deflation time.