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Friday, June 29, 2018

Daily update 6/29 Signaling Slowdown: The Little-Watched Commodities That Could

Another big intraday reversal to the downside.

SPX gapped up and continued higher until the  11:00 hour.  It drifted slightly lower through the afternoon then took a bit of a plunge in the last hour.  Breadth was +56%.  It was +72% at the morning highs.  New highs were 53.  New lows dropped down to 60, but still more then the highs. 

The futures ran up to the 100 SMA and reversed.  The consolidation at the lows continues.

The red count slipped a bit, but remains above 50.

Quarter end rebalancing should be over now.  I wonder how much that affected the price action.  Can we believe what we see in the charts?  The charts look like the downtrend will continue next week.  I suspect another test of the recent low is in order.  A close above 2746 would change the outlook.

Here is a look at the European financial stocks ETF.

This ETF is in worse shape then XLF the U.S. financial ETF.  The market is clearly worried about something that might affect the financial stocks in both areas.  The U.S. financial stocks were the canary in the coal mine for the 2008 disaster.  In Daily update 6/7 The Smart Moneys Bailing As Markets Become Too Complacent I showed the smart money index looking like it did before the last two bear markets.  Another storm might be brewing somewhere.  Caution is advised.

Interesting article on commodity prices related to the global economic slowdown.  Signaling Slowdown: The Little-Watched Commodities That Could

Great camera work!

Have a great weekend.


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