Goof Off Wednesday, page-13

In America:

DJ -1.14%, SP500 -1.24%, Nasdaq -1.83%, NYA -1.18%, Russell2000 -2.71%. Those broad market indices' results look bad - but the Banks were even worse, -3.92%.



An outside day candle with high volume. Those broad market indices are now bearish. (Bleeding obvious?)

SP500:



Here's the headline from today's CNBC:
For the first time since the election, Trump optimism is showing signs of cracking

With headlines like those, you can already see the pile of "sell" orders growing in Australia.

But, this market move started back on March 2. See the notation "Too High". On March 1, the SPX gapped up and then moved strongly higher. Most of that was lost on March 2, which set in motion a move from the top of the Standard Error Channel to the bottom of the SEC. That move has now been achieved. A little more downside could occur - Indicators have still not reached over-sold levels. When they do, we should get a move to the upside, and, probably a test of the recent high. We could, of course, be starting a big down side move, which will result in the drawing of a new SEC heading down instead of up.

Commodities:

DBC -0.55%. Industrial Metals -1.13%. Energy -0.74%. Gold +0.83%. Iron Ore -3.6%


No need to state the obvious.
RB