Dictators are a very annoying bunch. Ignored dictators can be a very dangerous bunch. Imagine some self-assumed, self-consumed, self-important jackass of a character about whom no one gives a damn for some time. Now imagine this jackass is in charge of one of the most backward countries of the world inhabited by one of the most isolated people of the world. Do you think that just his own people singing his praises would be enough for him?
This is the same jackass who imprisoned two American women to use them to drag Bill Clinton all the way to sit with him for a photo op (which poor Bill graciously did to save the women)
Well with Irish politicians making a comedy of yes-means no-and-no-means-yes, what better way to plead for attention than firing shots at your neighbor?
As the Rabbi of the Fiddler on the Roof might say
A blessing for Kim-the-Little? Of course! May God bless and keep him … far away from us!
Some other planet, maybe?
I can only wish
– but there's no blemish on the wish of a young man ;-)
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This is a weekly chart of S&P
The week is not over yet. It’s a shortened week for the American markets but not over yet. As thing stand now, index is dipping below the support of 200 MA and my blue actionary line.
Despite the Korean bang-bang and some other negative news from China, index is holding the lower area of the 1175-1225 band.
Below the band there is 13 EMA which coincides with 1168 pivot at the moment,
This is a daily
Here’s where things are looking a bit ugly. Index closed below 34 EMA and also below the lower line of my blue channel. Price is still at support of the lower end of the 1175-1225 band.
As you can clearly see, 1200 area and the 13 EMA are immediate technical resistance.
Daily volume expanded a little but came below average. Daily breadth was horrendous
This is the third day of heavy selling in a 9-day period. Despite heavy selling, index managed to stay above the 1175 area.
McClellan Oscillator turned down from neutral-to-negative levels. Summation threatens to dip into negative
ARMS registered another high number
Short term breadth getting oversold and price holding support provide a favorable situation for bulls to get busy on the bid side of an uptrend.
So, if the mid-term uptrend is still healthy, and if the bulls are still in the game, we should at least see an attempt at a bounce from support.
That said, some shorter term breadth measures looked like they have rolled over. Some longer term breadth measures look weak and in need of urgent care
Notice the declining rate of change of the A/D line. Bulls need to get busy – and soon!
This is a 60-min chart
Index gapped down at the start and failed to even get back in the gap. That is not a very encouraging thing. It is important for the bulls to protect the support of the 1175 area and at least try to fill yesterday’s gap
I said that a loss of 1187 might indicate a potential change in trend and the possibility of more downside. I also said that as long as index stayed below 1191, there would be a good case for Intermediate wave 4 being in the books, both those arguments are still valid, but the picture is reversed and index seems to be on the defensive. So, recapturing 1187 pivot is a first small step for the bulls. After that, a creep above 1191 is required from them.
If support fails and we get a new low, things may get ugly quickly.
As we all know, so much rides on US Dollar
Bucky seems to have gotten out of its downtrend – followed by a test of short term support
This is not a very risk-friendly picture, not for the short term at least. Keep an eye on it to see how it behaves when/if it gets to longer term MAs
So, Irish comedy, Korean bang-bang, rising Bucky, news of Chinese tightening …. There is no shortage of stuff to pressure the market. Let’s see if bulls can defend the low of November 16 or not.
OEW pivot support at 1176 and 1168. Pivot resistance at 1187 and 1222
Long term trend is up. Mid-term trend is up. Short term trend may have turned down (but note that if yesterday’s low holds, we will get a higher low)
Have a Nice Day!
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