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Do Bulls Own This Market Now? 6 Charts Say Otherwise

By Tim KnightStock MarketsMar 18, 2021 01:37AM ET
www.investing.com/analysis/do-bulls-own-this-market-now-6-charts-say-otherwise-200568016
Do Bulls Own This Market Now? 6 Charts Say Otherwise
By Tim Knight   |  Mar 18, 2021 01:37AM ET
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The bulls own this market now. The bears don’t have a chance. In a few months, we’ll be at 5,000 on the S&P.

Nah, not so fast. Allow a brief counter-argument.

First of all, the VIX is at the lowest level it’s been since COVID stormed the globe. We are closer to that price gap than ever before.

VIX Volatility Index Chart
VIX Volatility Index Chart

Tech stocks remain more vulnerable to weakness than the rest of the market. Keep an eye on that horizontal.

COMPQ Chart
COMPQ Chart

Not surprisingly, the NASDAQ 100 has much the same setup as the NASDAQ Composite above. It’s all about that price gap.

NDX Chart
NDX Chart

The semiconductor sector, which has quite plainly broken its ascending trendline, did a perfect tag of its underside yesterday.

SOX Chart
SOX Chart

Likewise, the Dow Utility Index has tagged its own busted trendline. Higher interest rates are dead ahead.

UTIL Chart
UTIL Chart

Lastly, the Great White Hope (or the Great White Whale, depending on how this goes) for me remains the oil sector.

XOI Chart
XOI Chart

Do Bulls Own This Market Now? 6 Charts Say Otherwise
 

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Do Bulls Own This Market Now? 6 Charts Say Otherwise

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Comments (8)
Sean Fuerstenberg
Sean Fuerstenberg Mar 18, 2021 7:50PM ET
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People are used to great returns.....the law of recency.  Gonna ****for a lot of people.
Gyaneshwar Tripathi
Gyaneshwar Tripathi Mar 18, 2021 7:22AM ET
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The markets will be up by 40-45% same time next year
Matt Cavagrotti
Matt Cavagrotti Mar 18, 2021 4:20AM ET
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Tim, I like your posts because I you are bearish about as frequently as I have been. That said, I have been wrong this year... A lot.
Ray Steed
Ray Steed Mar 18, 2021 4:17AM ET
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yes bear markets constantly make new highs. another great discovery by you. lol
jj baggy
jj baggy Mar 18, 2021 2:48AM ET
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Solid post Tim. Another fun chart would have been 100 year log chart of Dow Jones Industrial. It tagged the 1929 crash and Dotcom bubble this week for the first time.
Mike Brarey
Mike Brarey Mar 18, 2021 2:48AM ET
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Very useful, thank you
jj baggy
jj baggy Mar 18, 2021 2:47AM ET
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Solid post Tim. Another fun chart would have been Dow Jones industrial tagging the 1929 Crash and Dotcom bubble trendline on the daily log chart. DJI hit that resistance this week.
Josh Modern
JoshModern Mar 18, 2021 1:49AM ET
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I appreciate that you share this kind of info with us
 
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