Graham Platner notwithstanding, it looks like Maine is the safest place to be.

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Graham Platner notwithstanding, it looks like Maine is the safest place to be.

Fear has left the building utterly. The VIX has been beaten down to just about as low as it gets beaten. We’re just about due to something – – anything – – to happen.

As we head into the new week, let’s look at the most important ETFs.
The Dow Industrials ETF is in a nearly perfect wedge. It has sustained its uptrend since March 30th, and the only slightly bearish setup is the price gap between Monday and Tuesday of last week which is still itnact.

The charts of the major market indexes, on the whole, still allow for the prospect of a meaningful breakdown in the weeks and months ahead. It is far from a foregone conclusion, however, and there is one chart I find especially troubling. Let’s take a look.
First up is the NASDAQ Composite, whose price needs to stay beneath the dashed red horizontal in order to remain viable for a move to the downside anytime soon. It will be a couple of weeks until tech earnings start to tumble in, so right now we’re at the mercy of Iran.

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