Thursday April 20 2023
THis is not exactly a head and shoulders but the market has been moving sideways all year or since November. The moving averages see upper arrow look like they
are converging usually a prelude to a trend change. PMO looks to be rolling over. April 20 should be a seasonal high for stocks which usually peak after tax day, after May go away.
So let's look for lower volume and a possible trend change to the downside.
Bonds
Bond prices have a sideways look during most of the same time period. It would make sense for rates to increase as stocks top. å WSJ article suggests
brokers are seeing lower overall balances s clients move into sfer Treasureis. ånd here as well looks like MAs are converging.
Oil not shown is at 78 filling some of that four dollar gap from a week ago.
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