A couple of weekends ago, I wrote an at-the-end-of-my-rope post called Totally Bullish in which I partly stated, “As I look at these eight charts, there isn’t a single bearish thing about any of them.”. I also added, “I’ll just note that the Russell 2000 one is particularly horrifying, since it looks like it’s finally starting to break above its trendline.”
Although the SPY did find important support on Friday (which I discussed at the start of my Saturday morning video), there are encouraging signs that the “totally bullish” situation is looking much shakier.
All World Index is softening up and could push back into the green tint zoneNASDAQ Composite repelled hard by its Fibonacci lineFinancial stocks already weak and threatening to get much weaker, having broken beneath its patternS&P 100 drops away from dashed line and easing back toward green horizontalRussell 2000 has, for the third time, approached major resistance and simply fell away from itPerhaps most important of all, the Dow Jones Utilities could be one of the most potent reversal patterns I’ve seen in years.
