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Markets To Yellen: 'Mother May I?'

ByRyan Mallory
Published 08/24/2016, 03:40 PM
Updated 07/09/2023, 06:31 AM

It has come to this: the market can only move up or down when Janet Yellen gives her permission. Whether it's a speech, minutes, FOMC statement or one of her minions on the prowl, the market refuses to acknowledge anything else.

Just days ahead of Jackson Hole and the market simply refuses to move. Instead of whole percentages, we're talking fraction-point moves.

To those looking for a trend higher or lower, forget about it.

The SharePlanner Reversal Indicator below shows a bearish reversal, but as we have often seen, the market is only interested in correcting through time and not price. Perhaps when Yellen brings forth her good news on Friday, the market will break from its malaise and move forward with some purpose.

The Reversal Indicator

NYSE McClellon Summation Index (top), SPX

Original Source

Latest comments

it really is a joke. The FED heads give mixed signals pushing the market in a direction they wish to go but still weak when it comes to doing whats threatened. Maybe this is the new central bank policy. Talk the markets into a recovery with the threat of rate hikes, never cut rates and hope the correction doesnt pullback to the point it should have.. It seems to be the case with the FED all year. This week has been a joke. No momentum in anything at all.
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