Tuesday Market Wrap

Despite the decent drop in the markets today, nothing has changed in the longer-term technical outlook. The first chart below is the last set of 5 minute charts on the broad market tracking ETFs that I had posted within the trading room on Friday. Those sell signals that were triggered on Friday continued to play out into today after the long 3-day holiday weekend & will likely continue to play out this week although anything goes as this abbreviated trading week is historically marked by low volume.



On the updated charts below (as of today's close) I have added a few more support & resistance levels to watch for this week. A move over Friday's highs would obvious be near-term bullish while each & every break of the support levels below will strengthen the bearish case as last week's strong rally is chipped away, piece by piece. I'll work on posting a more comprehensive market overview and/or video sometime this week & I will continue to reply to any questions or private messages asap as I'll be in a semi (part-time) working vacation mode over the next week.

2017-03-08T21:19:40+00:00 Jul 5, 2016 10:09pm|Categories: Equity Market Analysis|Tags: , , , , , |2 Comments


  1. sportofkings July 5, 2016 10:36 pm at 10:36 pm

    And a New All Time Low on the 10 Yr Treasury at 1.34%, an earnings recession, declining economic data in rate of change terms, a peak in the credit cycle, and declining demographics in developed nations makes hit hard to support a new all time high in equities in the near future.


    • lee1 July 6, 2016 6:05 am at 6:05 am

      And yet all time highs and more are coming…go figure.


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