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No, this isn’t some weird self-deprecating post. I’ve assigned that role to Treasure Hunter in the comments section. I simply want to point out what a fundamentally broken market the Dow 30 is now, having slashed its trendline and persistently traded below it ever since such a slashing.
Below are three major cash indexes which have sealed, or very close to sealed, major price gaps. In addition to this, they are very close to major Fibonacci Retracement Levels. All of which is to say, if there is a merciful God above, this ridiculous counter-trend rally should be at an end.
I wanted to talk a bit more about my bearishness on energy.
Below is a chart of USO, the crude oil ETF. The horizontal line at the top and the sloped trendline at the bottom define the right triangle pattern. On January 15th, prices broke out, yet this breakout lasted literally hours. Afterward, it broke back below, yielding a failed bullish breakout, and it skidded for months. Importantly, it completely collapsed below the pattern in early April, and it has been below the trendline ever since.
Just a quick post before the opening bell rings: it’s good to see all the red on the screen this morning, although recent experience (yesterday!) shows that it really doesn’t mean a thing.
The JOLTS report is going to come out half an hour after the open, so we’ll see if that V’s the market like yesterday. (Of course, the V yesterday was based on absolutely nothing, so who knows). Suffice it to say, for all its attempts to do so, the /ES has not found the power to clamor back up to its Fibonacci at 5650.
I was wondering why my Imbruvica seemed so expensive! (Who comes up with these names?)
