Here's the 5-day chart. Notice we have a little 3-day trend in the making. We're moving up slightly. However, I would call this more a stabilizing move than anything else.
Here's the daily chart. The SPYs are still bumping up into resistance. Considering all of the volatility over the lest month, this really isn't a bad thing. The markets appear to be catching its breath from all of the craziness of late.
2 comments:
I think we've topped and are moving into recession. No matter what the Fed tries to do, I don't think they can avoid it now. They want to hold it off to after the next election, but I don't think they can hold it together much longer. Try to get people through til Christmas is the plan now, and hope that pulls us through into next year. It might work, but....
At this point it's political as much as anything - elect a Dem, and blame it on them when it falls apart...
Alistair Cooke once mentioned, apropos the Asian financial crisis, that an experienced trader told him the characteristic of a bear market is that it keeps trying to be a bull market, and that the market to fear was one that kept trying to push its head above water but couldn't. Is that what we're seeing now?
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