Two new categories have been added to the Live Chart Links page; Global Stock Indices and Fixed Income. In addition, links to the live, annotated charts of $COPPER & $SILVER have also been added under the Commodities & Metals category. Additional live chart links will continue to be added going forward and I might add these chart to the StockCharts.com public charts section, where they can be easily viewed in gallery format.
Regarding the market, nothing much has changed since my last update. The US stock indices experienced the expected “Washington Relief Rally” late last week which sparked a rally that took them back to what is so far only typical counter-trend retracement levels. However, with the $SPX bouncing back well within the recently broken wedge pattern, my preference is to see prices break back below the wedge once again before adding any additional short exposure. Should prices continue much beyond Friday’s highs, the bearish scenario will begin to rapidly diminish. Therefore, how the market performs this week might give us some insight to whether new highs are in order soon or a resumption of the downtrend, which would likely manifest in a very impulsive manner.