Under The Big (Triple) Top?
The black hole of liquidity is getting bigger, margin calls, leverage and fund required selling is hitting. What cannot be sourced in funding markets and must be obtained, is forcing liquidation from the accretion disk into the event horizon. With many a reason, market mavens have been ebulliently bullish of late...
One might get a better buying opp later on Monday, or...reviewing the last three weeks...
Above, on a weekly chart, 4/22/19 NDX 100 hit a new all time high at 7715, advancing further to 7851.
Above, 04/25/19 Nasdaq Comp hit a new all time high at 8151.
Above, 04/29/19 SP500 hit a new all time high at 2949. I swear there is something reminiscent in that pattern?
Above, 04/26/19 DJIA hit 26695 short of the all time high at 26951. And confirming there is something reminiscent in the SP500 pattern... combining with 01/21/18 and 09/30/18 over 15 months to clearly form a TRIPLE top.
In summary, since 04/22 four of the US majors have or were going to shortly hit all time highs, with two (DJIA, MID) clearly forming a triple top.
Depending on index, until the breakdowns on April 24th (NDX), May 1st (SPX) and May 6th (RUT), this had left market bears under the big top to be lookin somewhat like this?
"Bottom is in... If not today then Monday. I'm buying this dip." - @"B"isForBob May 10th8:18 AM EST - SP500 futures are down 59 points from Friday close 2887 to 2828. CNH and CNY are devaluing big time, while JPY and CHF are getting carried up the stairs like mothers to fund "dollars" USD/ED.
One might get a better buying opp later on Monday, or...reviewing the last three weeks...
" New all time highs across all indices by end of week. SPX 4000 within 10 months. Cheers to getting rich." -BisForBob 21 Apr 2019, 07:40 PM
This rally is very safe to chase. No pullback of any consequence on the horizon." - BisForBob 23 Apr 2019, 11:49 AM
In summary, since 04/22 four of the US majors have or were going to shortly hit all time highs, with two (DJIA, MID) clearly forming a triple top.
Depending on index, until the breakdowns on April 24th (NDX), May 1st (SPX) and May 6th (RUT), this had left market bears under the big top to be lookin somewhat like this?
Aside from recent misreads or MSM spin put on GDP (output), PCE (consumer spending) and unemployment, all of which we will be Nattering about soon enough... we have witnessed a near term breakdown under the big triple top.
Is this healthy consolidation to make a new run up and breakthrough the triple top to new all time highs? Or is this current liquidity condition indicative of something less than transitory? TBD.
Tonight we have Topo Gigio, Lola Falana and the fabulous Golddiggers, its a really, really big "shoe" under the big triple top... More to come, stay tuned, no flippin.
Comments