A week ago, my main concern about the market from a bearish perspective was how deeply oversold the overseas markets had become. Looking at the EFA, you can see how the past three days alone have gone a long way to dispatching with this pent-up pressure.
The same can be said for emerging markets, by way of the EEM symbol. This could keep pushing higher, but the green trendline shown and the black horizontal represents extremely strong resistance levels.
In the “I’ll take anything I can get” department, I can only offer you what is probably the best news bears have seen in weeks:
Kidding aside, I’m seriously hating this market right now.
