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I read as much as I can, and I’m fairly familiar with regular contributors at the sites I visit. There’s one chap, Graham Summers, who has an outfit called Phoenix Capital Research. He has a well-earned reputation on Zerohedge for being apocalyptically bearish. He makes me look positively even-tempered in comparison. Most recently, however, there’s been a 180 degree change.
I’ve been waiting for the Powell Pivot for a long, long time. On Friday morning, it finally arrived.
Below is an index I don’t share too often, which is the Broker/Dealer Index. This is yet another pitch-perfect example of a pattern failure (the triangle) followed by a powerful retracement right back to the apex. I would anticipate a clean reversal on this when we hit Monday.
Fibonaccis are cool, but they only seem to work with a handful of financial instruments. It tends to be a hit-and-miss game to figure out which these are. In my estimation, one of the most “obedient” financial instruments with respect to Fibonacci Retracements is the IYR, the real estate ETF. We have seen these lines provide potent levels of support and resistance for literally years at this point. The most recent occurred on Friday, when it blasted right up to its 78.6% level, which it hasn’t visited in 27 months (!).
If one had to make a bullish argument for the market, I’d offer this chart: the equal-weighted S&P 500. It seems that the strength of the market is starting to broaden substantially. It isn’t just about the Mag-7 anymore.
