The S&P 500 sneaked out a very, very, small gain for the week. It also formed a wedge that looks very familiar to the last one that lead to the last collapse. I’m not saying that’s what going to happen, but the wedge is there and price has still yet to break through this years high. The longer prices grind at these levels and the more times it gets rejected from the highs, the more likely we will reverse lower.
The Small Cap took a two hit in the middle of the week that it did not recover even with a good day Friday. What concerns me here is once again price was reject right at the same price level of $1062. We not even close to last years highs, so this is a new resistance level that price must get through soon. No warnings fired here but is very close.
The International index made no progress up or down all week. Truly a sideways grind.
Bonds tested the lower support level this and actually closed below it Thursday. This could be another bad sign for bonds and might indicate that a leg lower is in the very near future.
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