Market Is Forming a Clean Topping Pattern

www.investing.com/analysis/market-is-forming-a-clean-topping-pattern-200639269

By Tim Knight | Jun 22, 2023 01:30AM ET

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If we close this day red, that’ll make two back-to-back red days, which hasn’t happened since Dwight Eisenhower proposed to Mamie. It’s too early to honor that kind of event, however, since the market hasn’t even opened yet, but we’re red across the board, and the S&P 500 Futures has been working hard to burn off last Thursday’s insane mega-rally.

ES Chart

One element here is that the most ridiculous of the ridiculous did their usual, “Oh, yeah, I’ll go up even MORE!” schtick yesterday evening, but that seems to be faltering as people realize that P/E ratios measured in quadruple digits might not be desirable. As the saying goes, trees do not grow to the sky, as much as people wished they might.

NVDA Chart

Tesla Chart

The most promising pattern is over in small-caps land (the chart below is much longer-term than those above). We aren’t far from completing what could be an impressive and quite clean topping pattern in Russell 2000 Futures.

RTY Chart

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Central Banks

Interest Rates

Next Meeting

FED

5.50%

Dec 13, 2023

ECB

4.50%

Dec 14, 2023

BOE

5.25%

Dec 14, 2023

SNB

1.75%

Dec 14, 2023

RBA

4.35%

Jan 02, 2024

BOC

5.00%

Jan 24, 2024

RBNZ

5.50%

Feb 28, 2024

BOJ

-0.10%

Dec 19, 2023

CBR

15.00%

Dec 15, 2023

RBI

6.50%

Feb 08, 2024

PBOC

3.45%

BCB

12.25%

Dec 13, 2023

US 30	36,413.2	+165.3	+0.46%
US 500	4,621.3	+16.9	+0.37%
Dow Jones	36,404.93	+157.06	+0.43%
S&P 500	4,622.44	+18.07	+0.39%
Nasdaq	14,432.49	+28.51	+0.20%
S&P 500 VIX	12.63	+0.28	+2.27%
Dollar Index	103.675	+0.042	+0.04%

Crude Oil WTI	71.40	+0.17	+0.24%
Brent Oil	76.03	+0.19	+0.25%
Natural Gas	2.444	-0.137	-5.31%
Gold	1,997.60	-16.90	-0.84%
Silver	23.125	-0.151	-0.65%
Copper	3.7835	-0.0470	-1.23%
US Soybeans	1,337.75	+33.75	+2.59%

U.S. 10Y	4.235	-0.010	-0.23%
U.S. 30Y	4.328	+0.002	+0.06%
U.S. 5Y	4.248	-0.007	-0.17%
U.S. 3M	5.398	-0.001	-0.01%
US 10Y T-Note	110.36	+0.09	+0.09%
Euro Bund	134.83	+0.16	+0.12%
10-2 Yield Spread	-49.53	-4.85	10.86%

Apple	193.18	-2.53	-1.29%
Alphabet A	133.29	-1.70	-1.26%
Tesla	239.74	-4.10	-1.68%
Amazon.com	145.89	-1.53	-1.04%
Netflix	459.89	+6.13	+1.35%
Meta Platforms	325.28	-7.47	-2.24%
Bank of America	30.86	-0.10	-0.34%

Market Is Forming a Clean Topping Pattern

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