Call them “dojis” or “spinning tops,” but the candles that formed on the charts of the major market indices in Friday’s session are interrupted the same way, as indecisive. I’ll look at the averages in detail and on multiple time frames over the weekend.
Here’s a link to yet another Bloomberg interview with the “Bond King.” It’s nothing knew, just another warning about an apocalyptic credit cycle implosion and the potentially irreversible damage being done to the US economy by current Federal Reserve policy.
Chart analysis and the case for recoupling by Carter Worth on Friday’s “Options Action.”
Despite the false breakout earlier in the month, the subsequent pullback that took it back below its 50 day moving average, the dovish FOMC statement, and the formation of negative candles over the last several days, the S&P has returned back to penetrate the upper end of its trading channel, and there is a likelihood that if the Brexit vote goes the way of the current polling, it could see new all-time highs as early as tomorrow.
Tom McClellan warns the surge in the iPath S&P 500 VIX ST Futures ETN (VXX) is a “double-contrary” indication in an article published on Zero Hedge.
Have a chart you’d like my technical take on?
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I’ll take a look and post on the site.