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I’ve got to say, I feel so much better about the market here on Thursday evening than I did on Wednesday evening. The price gap which took place between Wednesday’s and Thursday’s session is an important new ally and marker for the bears, and as I look at the key equity indexes below, the charts are so, so much easier to read and interpret.
Unemployment rates from around the world, with super-highly-taxed Finland showing up as the worst.
In my post on Friday 12th June I was looking at an inflection point on multiple US equity indices where I was expecting to see a number of H&S patterns to fail with targets at retests of the all time highs (ATH). The H&S patterns failed, and we saw ATH retests on DIA and IWM, but never saw those ATH retests on SPX or QQQ.
The main reason we never saw those retests was the weakness on the Philadelphia Semiconductor Index (SOX) which dropped over 20% from the June high into the low last week.
There too we see another H&S, which has broken down with a target in the 9150 area and the main reason we have seen a decent rally attempt on SPX and QQQ this week is that we have been seeing a strong rally on SOX, with a possible target at the daily middle band, currently at 12,785.
(more…)At least I’m not sure the sumbitch:
