In spite of finding a lot of individual charts that look like promising short candidates, I will be the first to admit that the broad market has not given any kind of “all clear’ signal to the bears. On the contrary, looking at a trio of exponential moving averages, the bulls continue to chug this thing higher.
If any of you can remember what it was like to have a market that was permitted to trade based upon the economy, as opposed to centrally planned, politically motivated wishes of central bankers, the chart below illustrates nicely how major crossovers portend sea-changes in markets. Ah, how I long for those salad days.
Wednesday's Madness
In any case, I'm already bracing myself for Wednesday’s madness. It could be the most frantic trading day of the year.
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SPY: What a Real Break Looks Like
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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