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A Signal You’ll Find Nowhere Else

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This market is marvelously exhausting. I’m already resenting the weekend ahead, since it’ll create a break in the festivities. Can you imagine if Juneteenth was coming up? The past three days feel like thirty, and the only sad thing is that – – as Colonel Kilgore assured us – – someday this war’s gonna end.

In the meantime, though, the bombs are dropping, and Slope’s 20 years have proved one thing: when the market gets battered, Slope gets popular. It’s only just beginning……….

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A Fistful Of Flags

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I was mentioning on Monday that the declines on DAX & Nikkei this week looked very interesting and I’ll show you why that was after I go through the short term setup on US equity indices.

I’m looking at those on the 5min charts today as the pattern setups are clearest there, and there is a strong common theme of bear flags forming on those charts.

First on SPX where the rally from Monday’s low has retraced a little under 50% of the decline, there is no obvious reversal pattern to take SPX higher, and the move so far looks very much like a bear flag is forming.

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The Nikkei 225 Line

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Perhaps you’ve read by now that the Bank of Japan has been utterly humiliated (which stings extra-hard in the Japanese save-face-at-all-costs mindset) by the global market which took place thanks to their minuscule 0.15% interest rate bump.

They have solemnly pledged NEVER to raise rates again as long as markets are not “stable” which means………….never. Japan is a financial basket case and will never, ever recover. As my mother used to say, you can put that in the Bible.

Prompted by the cuckold state of Japanese finance ministers, the /NKD has been blasting thousands of points higher the past couple of days, which delights me, since it’s going to be an amazing setup for U.S. equities. I’ve been watching that red line.

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