sp'weekly8b
sp'monthly1b
Summary
It remains somewhat bizarre how many in the mainstream have seemingly not noticed that the market has been putting in a series of lower highs and indeed lower lows, since last summer.
This is something we haven't seen since the collapse wave of 2007/08.
I'm certainly not yet calling for a complete market implosion this year, but still... the sp'1600/1500s look a relatively 'reasonable' target.
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Looking ahead
Thursday will see the usual weekly jobs, phil' fed, current acc', and leading indicators.
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Getting off the sidelines
With the FOMC out of the way, I'll be looking to get involved tomorrow morning, seeking a short market trade from the sp'2030/40s, with an initial downside target of the 1940/30s. That doesn't seem an overly bold target, and looks highly probable before end month.
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*bonus charts*
Today was kinda busy, and I never did get around to talking about what Oscar highlighted in his latest video. The following chart offers some basic downside targets...
sp'weekly8e
If you agree with the notion of a H/S formation, a simple extrapolation from the neckline, offers the 1600/1500s.
The direct equivalent for the Dow....
... would be somewhere around 12500, which is 4800pts (27%) lower.
Goodnight from London