The following video covers various diversified US stock indices. Separate updates in either video and/or static chart formats on both the precious metals (gold, silver & the related miners) and select commodities (coal & agricultural) will follow either later today or tomorrow.

As this video went longer than expected, listed below is a brief summary of the talking points:

  • The first 19 minutes or so covers various US stock indices, focusing primary on the recent technical developments, mostly on the daily time frame charts.
  • From about 19 minutes to 30 minutes the longer-term outlook for the US markets is covered with an emphasis on the weekly time frame charts.
  • Around the 31 minute mark, a potential ominous development within the High-Yield Credit Spreads market is highlighted, noting a very similar disconnect between high-yield spread & US equities since 2007.
  • At the 37:30 mark, the video concludes with a quick update to the previously highlighted divergences between equities & the percentage of stocks trading above their 200-day moving average.

Essentially, by my interpretation, the near-term outlook for the US equity broad markets remains fairly obscure at this time with conflicting bullish & bearish developments. As such, the lack of new trade ideas on the site is a reflection of my own personal decision to keep my overall trading light until a more attractive risk/reward technical picture in the broad market develops. That could come very soon or it might take another few weeks or more. By most metrics, the trends on all time frames (short, intermediate & long-term) are currently bullish. While the recent sharp rally in US equities has certainly dampened the near-term bearish outlook on several key indices (but not all), the longer-term bearish developments that have been covered over the last several months continue to persist at this time. Of course, to reluctantly quote that baffoon Jim Cramer, there’s always a bull market somewhere, hence the video to follow soon on the coal stocks like WLT (which at Monday’s highs was up 145% in less than a month and 100% from the long entry just over 3 weeks ago).