There is a series of lower highs with a diverging McClellan and Summation while both are under a downtrend line
There is also weak performance from weekly Market Alignment Index (MAI)
I have been of the view that early June gave an intermediate cycle low and a potential yearly cycle low
Yet, so far, index has progressed in a choppy fashion with weak internals (McClellan, Summation, MAI)
Index is hitting against trend line resistance with support at 1360, 1340 and 1330 areas
The question is where is the money that is supposed to pump the index higher?
So far, Fed has not indicated any addition easing, and the Europeans, in typical fashion, have been long on promises and short on delivery with Some Euro-Head promising something some day and some German-Head negating the promise some other day
I should watch the support levels
———————————————————
Investing in the financial markets can involve considerable risk. Past performance is not necessarily an indication of future performance. All information included in Market Time Premium reflects ongoing thoughts of Market Time authors about market-related issues, and is prepared for educational purposes, and is presented as authors’ observations, and is not a solicitation, or an offer to buy or sell any security or use any particular system. Information is based on historical research using data believed to be reliable, but there is no guarantee as to its accuracy. Market Time Premium, its author(s), and its affiliates do not represent themselves as acting in the position of an investment adviser or investment manager. Market Time Premium, its author(s), and its affiliates shall not provide you with personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio or securities, transaction, investment strategy or other matter. From time to time, Market Time Premium, its author(s), and its affiliates may hold positions in securities mentioned, but are under no obligation to either divulge or hold such positions.
Posts
