Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 670.21

-1.1%

4:00 PM EST

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GROUND ZERO™

To: GROUND ZERO™ who wrote (91072)	3/26/2017 6:51:56 AM
From: John Pitera	1 Recommendation Read Replies (1) of 218498

HI GZ, I agree with you that stocks should be in place for a larger correction in price and time. although the SPX Fibonacci extension box has really been working overtime to hold the level at 2341.49. However, I do not expect this to hold up and there is pronounced technical weakness across a broad array of US stock sectors ...I sat through most of an hour long webinar today and the theme of the week was the weakening of most sectors in the US markets. The Yen is a very complicated animal to try to make sense of ..... I give you that . here is a 2 year yen chart seen as it is in the futures terms not with the USD as the reference currency.... we are in the are of a 50% Fibonacci resistance cluster from the June 4th 2015 low of 79.46 up to the 100.46 high on August 16th 2016... as well as a .382 % retracement from the 100.46 high on 9/16/16 down to the 84.29 low on 12/15/16. the move off of that low might possibly be a 3 wave corrective move. On the 10 year weekly chart the Yen in USD/JPY terms.. this chart is also coming back to the .382 retracement of the entire advance from 75.54 low on 10/31/11 up to the 128.85 level on the week on june 1 2015..... the 200 week moving ave is also coming into support for the USD and resistance on the Yen at 101.09 ... there If the US , European and Mature markets were to have a more scary pull back that could engengeder a risk off trade that would see a flight to safety into the Yen... if it's a more controlled decline then the flight to safety need not materialize.... the JGB's are owned almost 50% by the bank of Japan and their overall monetary system remains a baffling mess. With US Interest rates softening the large thesis of the reinflation trade seems to be taking on water for the time being. JOhn

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