The recent INDU/SP ‘spring’ on 05292019 says it all, it was a broken ‘buy signal’ moving then towards lower pricing.
Its not the pricing that is important but the fact such ‘buy signals’ (buy that DIP) are breaking lower suggesting that the recent April is an important area in price level longer term than most suggest today.
Today, and the last few days are price moves base upon pricing that was created by extreme over sold ‘breaks’ in the market. Such moves are about 3-4% counter trend over all, such as the recent 12/10/2018 counter trend breaking of ‘springs’ or buy signals at that low points.
More important is the ‘switch hitting’ going on like wild fire over the recent weeks, as toward breaking major yield support levels, while DXY/EC having created over a 60-70 trading period of ‘much effort’ with ‘little results’ to sustain any type of higher (DXY) and lower (EC FX) forgoing trend.
The CL INDU/SP analog is in place, it will continue as CL looks now and suggest a major high is in place recently. A 3-5 year low is target.
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The recent INDU/SP ‘spring’ on 05292019 says it all, it was a broken ‘buy signal’ moving then towards lower pricing.
Its not the pricing that is important but the fact such ‘buy signals’ (buy that DIP) are breaking lower suggesting that the recent April is an important area in price level longer term than most suggest today.
Today, and the last few days are price moves base upon pricing that was created by extreme over sold ‘breaks’ in the market. Such moves are about 3-4% counter trend over all, such as the recent 12/10/2018 counter trend breaking of ‘springs’ or buy signals at that low points.
More important is the ‘switch hitting’ going on like wild fire over the recent weeks, as toward breaking major yield support levels, while DXY/EC having created over a 60-70 trading period of ‘much effort’ with ‘little results’ to sustain any type of higher (DXY) and lower (EC FX) forgoing trend.
The CL INDU/SP analog is in place, it will continue as CL looks now and suggest a major high is in place recently. A 3-5 year low is target.
Baseball Bat to the head time, GET ready America!
Have a great weekend Rick.