NFTRH 316 was abbreviated because I have this person known as my wife who suggested in no uncertain terms that I participate with her in a weekend away with some friends that included beer pong, pool and a lot of laughing. I am not usually that guy, but it was fun to be him over the weekend.
Anyway, NFTRH did not get to its usual charts, one of which is the Dow Jones Internets, shown here having bounced up to but not through the broken trend line. It has been one of the weaker sub-markets, I guess owing to the likes of Google and Facebook having disappointed the market to varying degrees.
Below the red line it’s vulnerable, especially considering the down turned MACD. Above it, it would prove to have been just another bear trap.
A lot of markets have invalidated the technical damage, which does not mean they won’t roll over again. But it does mean that some really conspicuous lower lows were followed up by higher highs as the market swept that unpleasant data point under the rug in quick time.
All set in motion after one Fed Hawk ate a microphone and blabbed about new QE and then accelerated by the outrageous BoJ action. If markets are going to roll over into at least a test of the negative October stuff, it’ll probably start to manifest this week. Otherwise, it is going to be bull acceleration into Santa Season.