Split Tape Returns As Bulls Defend Support The market, once again, is very split. Gold and a few other commodity stocks (Steel, Energy, etc) are acting very well while many other areas of the market are rolling over or remain very weak (Semiconductors $SMH, Retail XRT, Biotechs IBB, etc). We have now entered the beloved…
Market Update: The inability to bounce speaks volumes. The bulls were disappointed on Thursday after the bears showed up and sent stocks lower. Before the open, futures were higher after oil prices spiked nearly 5%. The Dow Jones Industrial Average and S&P 500 pulled right into their respective 50 DMA lines and were due to…
Market Update: The bulls have to show up soon otherwise we are heading much lower because we have seen this pattern play out before. Most recently, the market broke out of a bullish double bottom pattern in Aug-Oct. Then it moved sideways for most of Nov and all of December before falling hard in Jan-Feb….
Once again, sellers are showing up, after a 2.5 month hiatus, and putting pressure on several key areas of the market. Short-term, the major indices rallied right into major resistance (prior chart highs) and are now pulling as the pause to digest the strong rally from Feb’s low. Economic and earnings data remains tepid at best…