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In search of powerful trends in financial markets
March 7, 2016 at 1:14 am by Sol 9 Comments
Value Line Arithmetic weekly, self explanatory
One of the downside leadership sectors of the bear market is Transportation Index. It is currently testing a monthly resistance.
RUT which was another downside leadership index shows a similar picture
Weekly NYSE Composite vs Summation Index, self explanatory
ES is currently down 5 points from Fridays close while CL is up about 2%. I think this couple is now decoupling. Crude oil clearly broke out, it looks like it is headed to 38.5-39.5 range next
Looking at the short term charts of SPX and ES , I see a clear rejection around ES 2000 level
I am expecting another range bound day with an intraday lower high around ES 2002-2003. I plan to add NQ short ES tests this level. If we get an early dip,
Crude oil is breaking out...
This will create a short term spike in crude oil and related sectors. And it should also effect SP500 positively in the short term.