Bulls Getting Smacked Down with Increasing Regularity

EST

Index futures were continuing to sell off Tuesday night after having peaked intraday at levels where we’d anticipated a top of possible importance. Specifically, I’d flagged two rally targets that lay, respectively, at 2486.75 and 2489.50. Together, these Hidden Pivot resistance points stopped a strong rally in the first half of the session at 2488.50, then sent the futures into a dive that has reached 2461.50 so far this evening.

Although Rick’s Picks subscribers were able to take partial profits on short positions initiated at or very near the top, I would caution bears about celebrating prematurely. My concern is that the shares of two supremely important stock-market bellwethers, Amazon (see chart inset) and Boeing, were hanging tough Tuesday night after having barely sold off during the day.

This divergence will not necessarily settle in bulls’ favor, but it may take a day or two before we can predict confidently who will win. Regardless, from a Hidden Pivot perspective something important has changed in the way stocks are acting. Instead of hitting or slightly exceeding bullish targets and pulling back lazily for a short while, stocks are reaching their targets exactly and then getting smacked down hard.  The inescapable conclusion is that buyers are feeling less feisty these days — for whatever reason.

Comments on this entry are closed.

Buddy August 9, 2017, 9:42 pm

Brokers have been calling me almost every day with the latest and greatest great place to put my money. Sounds like we are closing in on a top.

none August 9, 2017, 5:40 am

Yesterday, the INDU created an intraday all time high, with a closing MO reading (McClellan Oscillator) of –92.

This has never occur in history, the only dates towards such a reading are below:

07192007 all time high MO –30.
08261987 all time high MO –12.
02131980 (high of 6 month trading range)
MO –31.

The equity sector is now being trigger to move into a major bear major towards the larger degree by the currency and debt sectors. One sector cannot enter trend until others change ‘investment flow’, below one can see the real outier as it is associate with the
‘pacific rim’ an interesting longer term development over the last 2 years.

Below states the new ‘Investment flow’:

The 2 year highest to lowest percent ‘ranges’ in currencies:

DX -10.8%

AD +17%
BP +10%
CD +11%
JYP +30%

GC also up 30% within this range, along with an all time ‘low point’ in yield.

GC/SI holds 2 hats on investment flow.

1) as a hedge towards an inflation investment.
2) as a hedge towards failing governments.

Have a great day Rick.



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