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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.

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quad-5-min-charts-2-july-1st

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.

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Jul 5, 2016 10:09pm|Categories: Equity Market Analysis|Tags: , , , , , |2 Comments

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.

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    • 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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