Just one of a constellation of what seems like 100s of potential market signalers (see SPX/Gold, GYX/Gold, Copper/Gold, TIP & IEF vs. TLT, Junk/IG and on and on it goes…), Discretionary vs. Staples is dropping again after a failed attempt to break resistance. *
We’ll cover the indicator constellation and update nominal markets as well in NFTRH 542. An update we had in yesterday’s pre-market appears to be right on track with subsequent market moves. We noted key support areas for the main US indexes and sure enough there is a support area coming up for this indicator as well.
As an aside, is COST a Staple or Discretionary? Whatever it is it is up pretty good today after I bought it earlier in the week. Weird.
* I know, it’s a ratio and not really subject to normal support/resistance rules, but work with me here.
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