It was a tough month for equities and the charts look like a bigger selloff may be coming soon. It is tough to see how the markets can turn around from here but an open mind is always necessary to ensure longevity in this business.
Maybe the $QQQ is beginning to catch up to the weakness of the $SPY? The video takes a look at trends of major markets and takes a closer look at what may be ahead.
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Markets are getting a bounce, how long will it continue is the big question. Did the Financials $XLF shake out the longs and now we are seeing a “fast move from a failed breakdown?” View the video!
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Markets experienced a small bounce today but it was a brutal week for longs in equities and commodities (see table below). The action this week is why we need to remember that when there is a declining 50 day moving average, the trend of the stock, index, commodity, whatever.. remains “GUILTY TIL PROVEN INNOCENT.”
Have a great weekend, I know I will.
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