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Big Bad Bear Porn™ -- a thread full of charts I drew some lines on.
The thing to note is the similarity of the breakdown in ~6mo trends that appears to be happening broadly.
If overt bearishness isn't your thing, you should probably just move along.
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The thing to note is the similarity of the breakdown in ~6mo trends that appears to be happening broadly.
If overt bearishness isn't your thing, you should probably just move along.
1/
QQQ, SPY, DJI, IWM
All of the indices look broken. Seems like the upward motion is at best a retest but maybe not even that.
I think guys like @TommyThornton would say this replicating pattern means we're mid-wave 2 or something, but that wave stuff is a bit beyond my ken.
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All of the indices look broken. Seems like the upward motion is at best a retest but maybe not even that.
I think guys like @TommyThornton would say this replicating pattern means we're mid-wave 2 or something, but that wave stuff is a bit beyond my ken.
2/
HYG, JNK, BKLN, LQD
Debt looks like it's breaking down too.
Most interesting one here might be LQD, which is flirting with an interesting support level. Seems like it could run a bit if it breaks.
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Debt looks like it's breaking down too.
Most interesting one here might be LQD, which is flirting with an interesting support level. Seems like it could run a bit if it breaks.
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Gold, Silver, Platinum, Palladium:
Precious metals not holding up either.
Silver already looks bad or is about to look bad depending on your perspective.
Palladium, arguably, has yet to break down.
4/
Precious metals not holding up either.
Silver already looks bad or is about to look bad depending on your perspective.
Palladium, arguably, has yet to break down.
4/
Copper, Crude, Lumber, Natty
Copper getting crushed today, but note that it already kinda broke down and this move is off a retest.
I'm sure someone will tell me my read here on crude is terrible since oil is complex but... well, I'm not a buyer that's for sure.
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Copper getting crushed today, but note that it already kinda broke down and this move is off a retest.
I'm sure someone will tell me my read here on crude is terrible since oil is complex but... well, I'm not a buyer that's for sure.
5/
Banks & Consumer Stuff
Both big and regional banks look have dropped belwo their bullish trend lines.
Consumer discretionary and staples look structurally similar, hinting that the consumer, too, may be done "restocking."
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Both big and regional banks look have dropped belwo their bullish trend lines.
Consumer discretionary and staples look structurally similar, hinting that the consumer, too, may be done "restocking."
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Energy, Industrials, Retail, Transports
Energy just getting carried out on a stretcher here.
Industrials and Retail breaking down.
Transport still fine(ish) but looks like it's stalling out.
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Energy just getting carried out on a stretcher here.
Industrials and Retail breaking down.
Transport still fine(ish) but looks like it's stalling out.
7/
What about technology things?
Tech, Semis, Bio, AMZN
All this stuff is broken too. Upside movement looks like the same retest/wave 2 pattern as everything else.
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Tech, Semis, Bio, AMZN
All this stuff is broken too. Upside movement looks like the same retest/wave 2 pattern as everything else.
8/
Some more FANGMAN here....
MSFT, FB, NFLX, GOOG
Once again it would seem all these charts have the same pattern as everything else: breakdown off the main trend and mid-retest now.
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MSFT, FB, NFLX, GOOG
Once again it would seem all these charts have the same pattern as everything else: breakdown off the main trend and mid-retest now.
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So is there anything bullish? Sure, the story stocks!
AAPL, TSLA, NVDA, ZM
People still love these things, and that fact is probably providing some broader support given their size.
The trends here don't look sustainable, however, and once these break down... <shudder>
10/
AAPL, TSLA, NVDA, ZM
People still love these things, and that fact is probably providing some broader support given their size.
The trends here don't look sustainable, however, and once these break down... <shudder>
10/
While this is all admittedly rather cursory analysis, it's nonetheless curious to see many assets and sectors starting to break the trends that have been in play since March.
Should be an interesting quarter...
11/
Should be an interesting quarter...
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