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clock Created with Sketch. 06/01/17
11:43
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Originally posted by paddington bear
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Wall Street was mainly weaker overnight as the 20,000 party/celebration seemed to be slipping away again. Of the nine sectors that make up their market, the weakest was Finance (XLF). This is precisely what the bulls do not want to see. However, corrections can take the form of time or price, so it is still possible that this sideways action on Wall Street could turn into a bull flag type pattern that would take prices higher but it seems to me that it is running out of time. NYA index is saying higher but the Fear and Greed Index is not confirming this rally back up to the highs. All these conflicting signals are getting very tiring....really overbought. Also I have mentioned previously that I expect gold to eventually get back up under its really heavy overhead resistance at $1,200. Not that much further to go. Still must not try and tell the market – just be a disciple that tries to follow its signals. Also have to remember that gold got really oversold on its decline so a mirror image rise is not that out of character.stay alert – so many times over the years, we can look back and see an amazing number of market points that were solidly built in this period.
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@paddington bear CBA as our bellweather: I have it falling below rising wedge and then recovery to new highs; could draw new peak of rising wedge but noticed over years if "I move lines it usually means I am wrong"? .... BUT any weakness nest day or 2 will mean -RSI divergence on recent high .... & noticed yesterdays high $84.12 and little GAP 4-5 Jan 2016 ... top of gap $84.23 = all but closed gap 12 months to day later mmmm coincidences? And FWIW very similar gap in Aug 2015.
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