By: Gary Tanashian of NFTRH
It occurs to me that in public writing I tend to bludgeon people with macro fundamentals (like gold vs. positively correlated markets, yield relationships and even confidence in global policy makers), market indicators (VIX, Equity Put/Call, Gold-Silver ratio, Sentiment, Participation, etc.) and other views beneath the surface of things. So much so that I sometimes forget that people might like to see simple nominal charting as a frame of reference.
We update charts like these every week in NFTRH, but I have done relatively few for public review. So here it is, a simple weekly chart update of various markets, with very limited commentary interference from me.
US Stock Market
As you can see, US indexes have so far held critical support. Best projected case would be a bounce to SPX 2000 (+/-). The market continues to roll over on the intermediate trend as of now.
If the above is suspect to bearish, the broader US indexes are just bearish. Lower lows and lower highs abound and resistance is noted. [Read more...]