TB:" no F/A, no T/A, just best guess/A "
...don't like it. Still looks like an up-wave making a right shoulder; more clear on the S&P charts.
DRG.X has already tanked this year, it's truly acting like a "defensive" play (and nothing more) right now.
RLX.X continues to deteriorate.
BKX/XBD.X continues to deteriorate.
PNX.X broken down, looking for a base to land on.
NDX/TXX/SOX should be next, imho. Kick out that last leg...
...we'll tank until 5~15 sessions before end-of-quarter, blow everything down, then get a nice rally in all the FMAGX bellwethers to close the QTR-III books in relatively decent shape ( always a hollywood ending in America :-)
OTOH, bondz & USD could recover: G7 does something; oil goes down, helping balance-of-trade; housing & construction market starts laying off workers - capital starts pumping into equities. THEN: Further gains in NDX would make it go parabolic; BigBoy sectors bounce up and make four Marx Brothers after making three Stooges (^_^)
whaddyado? the spyder is around ~134, right smack-dab in the middle of the page, Dude: ~145 potential, ~123 base. In fact, (hello!) since end-of-quarter I, if you're just holdin' on - all SPY has done is go sideways :-/
...when you're in the middle, strangle it.
-Steve |
