The ridiculous ChatGPT fad is rapidly fading in the rearview mirror, and we’re seeing the stocks which benefited from this baseless mania diminish as well. The eponymous leader of this is, naturally, ticker symbol AI, whose channel failure suggests a fundamental change in direction for months to come.
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Let’s get serious about the semiconductor index. This beast has a perfectly good chance of completing a relatively small but spectacularly well-formed head & shoulders top. Indeed, it would take only one good down day, no more dazzling than Friday’s, to get the job done. I would like to offer unto you my target for such a measured move, tinted in green:(more…)
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Happy Friday, everyone. We kick off the day with equities slightly red across the board. What I find particularly exciting – – – besides the fact that next week has historically been quite bearish – – – is the preponderance of bearish setups in the form of what is normally quite a rare pattern, the diamond top.
The first item to show you isn’t a diamond, but is a very small H&S pattern which broke just minutes ago.(more…)
Now that the monthly CPI is out of the way, let’s take a look at 10 important index charts. I’ve got to say, these are collectively painting a rather exciting bearish picture.
The All World Index is still working on its miniature topping pattern, which is quite clean. if it can get below the low horizontal, the market as a whole is in serious trouble. I would also add that the semiconductor index is also sporting almost exactly the same pattern over the same timespan.(more…)