While the stock market does its wax on, wax off, wax on routine, two anxiety indicators continue to flag in consolidation. They are consistent, orderly and as long as they are flagging the market is probably okay. But these are still bullish looking consolidations.
Just trying to give you data points that I think are relevant as they crop up…
In NFTRH 359 we put a lot of effort into looking ahead to a time when the Gold-Silver ratio (GSR) may find heavy overhead resistance. That time could be a signal on the next inflation trade as the more inflation-sensitive silver out performs gold.
Just a short FYI update. VIX, touched the top end of the 20 to 22 pullback target zone. This was accompanied by a bounce in the S&P 500 to 1988 and subsequent fade (+.23% at 1973.88 at time of writing).
We were roughly looking for SPX 2040 and VIX 20-22 as a potential bearish setup. VIX hit 21.51 earlier today.
Yesterday the S&P 500 closed once again within the range we have been watching, that includes the upside (1993.48) and downside (1903.07) parameters to a test of what we have called ‘Resistance #2’ at 2040 (Resistance #1 was 1975, which SPX is still dealing with on its bounce attempt).
Thanks to subscriber JF for forwarding this tweet from the St. Louis Fed. Per JF, this is in line with TED, LIBOR, credit spreads, etc. Here is the graph from…
20 pages, a little Tin Foil, a lot of historical facts and some logical deductions. NFTRH 359 out now.
Employment growth eased in August. Here is the full report from BLS: Employment Situation - August 2015 Growth continues to cluster in the services, as we have been noting for…
A simple progress report on SPY's bounce. The initial rally today put SPY back above the resistance line roughly equivalent to SPX 1975, which was Resistance #1 to the bounce…
So far the correction is generally going to plan. SPX dropped out of the nose of the Diamond pattern, lost both the 50 and 200 day moving averages and dropped to support. That was all according to plans.
Right in line with the information I got from a former industry colleague back in July, Machine Tool sales data have continued to degrade. Click for a larger view of…
Stock Market Here is the current SPY chart from this morning's pre-market update, on which I had drawn a candle based on the pre-market's projection. SPY opened around that level…
For all you Energy sector sports fans out there, here is XOM near a big picture channel bottom by monthly chart. Unfortunately, Exxon Mobile has already Ex-div'd in August, but…
As usual, the key items are highlighted and the full report can be viewed at ISM. It's another counter-cyclical hiccup for the Good Ship Lollipop. Subscribe to NFTRH Premium for…
China is again in the news as its Caixin manufacturing index hits its lowest reading in 6 years. Dutifully, world markets decline by around 2% on average. Clicking the graphic…