The Morning Call
7/20/15
The
Market
Technical
Monday Morning Chartology
The
S&P has had six great trading days, voiding a challenge to the lower boundary
of its short term uptrend, negating a break of its 100 day moving average and
then re-setting it from resistance to support.
There is nothing between it and its all-time high (purple line) and the
upper boundary of its long term uptrend (2145).
It seems inevitable that it will challenge one or both of these highs;
though I don’t believe that it can successfully do so to its long term uptrend. If it can get through its all-time high
(2135), then it will remain in an extended trading range and build the case
that it is in topping formation.
Update
on margin debt (short):
The
long Treasury remains below its 100 day moving average and within a short term downtrend. Notice that it may be finding support (green
line).
GLD’s
chart just keeps getting worse. It is
now challenging the lower boundary of its intermediate term trading range; if
it remains below that boundary through the close tomorrow, the intermediate
term trend will re-set to down. All that
said, GLD is in a four year downtrend which historically has been a good time
to buy.
The
dollar continues to gain strength---not surprisingly at the same time GLD is
weakening. On Friday, it negated its
very short term downtrend; and on Monday it will re-set the 100 day moving average
from resistance to support.
The
VIX (11.9) was down again, finishing below its 100 day moving average. It is nearing the lower boundaries of both its
short term trading range (brown line) and its long term trading range trading
range (blue line).
Fundamental
Economics
This Week’s Data
Other
The
productivity puzzle (short):
Politics
Domestic
International
This
is a 20 minute video of a speech by Nigel Farage on the EU. It is well worth the watch:
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