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This week has been jam-packed with economic reports (while next week will instead be dominated by Pencil Dick ‘n’ Friends), and the last report to tumble out will be on Friday morning by way of the Consumer Sentiment report, released half an hour after the opening bell.
I’m shocked at how far, and steadily, this is falling. Consumers are pretty much hating life these days.
One look at the chart of the percentage of stocks above their 15-day moving average shows how uniformly overbought the market is. These price peaks have reliably preceded plunges all year long.
Long-time Sloper LZ wrote me again tonight with some interesting charts, prompted by the fact that today’s volume the SPY was literally the lowest of the entire year. (And it isn’t because it’s a holiday – – not even one as awesome as Juneteenth!) Here we can see that, over the course of this bear market, super-low volume has tended to be linked to market tops, or at least extremely close to market tops:
WHOA! Check this out! For the past FOURTEEN MONTHS, the $VIX has reversed itself every single month with only a single exception! That’s extraordinary, I think.
