The bulls aren’t going to let their 17 yearlong always-go-up market go without a ferocious battle. Even on a minute-by-minute basis, we can see the counterattacks, such as the /RTY, below, which was slipping away nicely until it started getting gobbled up. As of this composition, all the big equity futures are still down, but by embarrassingly small amounts.
The same /RTY market, viewed over many weeks, has been a grind-fest. It is going absolutely nowhere, just like the rest of the market since last autumn. There’s no impetus to trend in either direction.
It was somewhat heartening to see yesterday’s breakout in the /NQ fizzle away so quickly. Two attempts were made, the second weaker than the first, and now that horizontal represents resistance once more.
Volatility has moved into a slow, plodding uptrend, which makes sense considering the mounting pile of uncertainty that’s going on all around us in the world.
As for the greatest Ponzi scheme in history, Bitcoin continues to work its way toward its intrinsic value.
I am still on the light side right now – – 86% commitment level overall – – and I’ll now proceed to walk barefoot through all my charts to update their stop-loss levels one by one.
