7 Charts Showing The Current State Of U.S. Markets
Tim Knight | Mar 04, 2015 11:35PM ET
Instead of a video, I just thought I’d share a few charts tonight.
Our deceased Ichthus chart is still one I am following with interest (this is, as you’ll recall, the Dow Jones Composite). The breakout is tinted in green. We have retraced to the pattern and, naturally, my fondest wish is that we break it down to the downside.
A different “composite” – the NASDAQ – had all the bulls giggling and tittering and scampering around a couple of days ago when it closed above 5,000. Indeed, all five of the top five stories on MarketWatch that afternoon were about this “5000” milestone (which should have pretty much told you something right there). A general point I want to make about all these charts is this: even if the bull uptrend remains completely unbroken, there is still plenty of opportunity to the downside before major support is found.
The Dow Industrials is right at the cusp of a failed bullish breakout. Indeed, its close is just beneath the breakout, so strictly speaking it has already failed.
To my earlier point, the S&P 100 could fall as low as 873 (over 5%) without violating its bullish breakout.
Get The News You Want
The Transports, helpfully, have maintained their series of lower lows:
And, frankly, we remain very “due” for another blue dot. It’s been quiet. Too quiet. Prepare ye the way of the gourd.
Oh, and finally, as for gold – – – the damage is done. This poor, broken beast is just going to keep getting weaker.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.