Tuesday Oct 9, 2018
The most reliable indicator of trend is the MYSE Advance Decline graph.
This is starting to look like the correction last January.
A closer look shows all the EMA ribbons turning down.
Markets recovered from 200+ points down yesterday. I am guessing that was a wave 2 recovery. If so the market could be embarking on a third larger wave down.
This morning pre market DJIA down 120.
BP 50 Day MA
Market paused at the little shelf of support last June. If the markets stay down today, this could give way. Probably another early warning to watch.
News is negative. Pakistan needs an IMF bail out, interest rates rising around the world as expected, Pence gets tough on China note multiple articles on that in today's WSJ, Dems threaten perjury if they investigation if they take the house. memo to Dems, Trump is not Nixon.
BP Nasd
The NASD has been weakening since June. The new highs in the index suggest very narrow breadth led by the FANG stocks, netflix in particular. Note already below 50%.
Soaring Interest Rates
Five year yield tripled since 2016 low.
I am giving up on gold for the time being, the US Dollar regained strength again yesterday.
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