It’s time again for the big picture perspective views on some key US indexes.
Dow is still on the breadth thrust script (i.e. potential manic upside/ending action).
S&P 500, same basic script (with some Forks added for humor).
Nasdaq 100 poked above and is currently below the 1999 high. The dotted line remains red because that is resistance until a monthly close above it.
SOX is and has been our leader all through the Brexit hysteria turned ‘breadth thrust’ bull manic hysteria. The thing here is that I have a data-backed positive view of the equipment sector and until that changes (eagerly awaiting next SEMI report) I think I’ll maintain it.
Finally, the ugly duckling of the group, the Russell 2000. A suspect looking pattern and…
…market leadership for 2016 that I think is going to fail at or below the top gold downtrend line.
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