Weekend January 1/31/21
Yes I have been way early as have my friends at EWI but it looks like some sort of a top is forming.
Summation Update
NASD
One can count five waves up from October low, a definite reversal.
NYSE Daily
NYSE Weekly
Weekly charts are more important than daily here we have weekly confirming the downturn.
DJIA topped Jan 20 Inauguration Day
SPX tops Jan 25
NASD topping Jan 26 or so
the bear market of 1973-+74 began in similar fashion with a top in January 1973. The presss hated Nixon as they now despise Trump. In a bit of alternation Biden is spending money he does not have and lots of it.Trillions are usually numbers reserved for astronomers. Nixon resigned rather than face impeachment. As we are a full degree higher cycle wises, Trump is being impeached the second time. And his legal team just quit.
In a dazzling display of ego, Jerome Powell claims he will keep interest rates low. Tell that to the bond market. Earth to Jerome, rates are rising.
Proxy stock CFR dropped about five bucks this week, nothing too serious but bears watching.
Is this the final top or a correction with a final run up into May as seasonal happens. I do not know but we will be here tracking what happens.
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