The market trend picture remains negative, and, despite last week’s “plunge,” the sentiment picture did not dramatically improve as might have been expected. While it’s quite possible that – as with oscillators and other technical indicators – the market can successfully retest the bottom with sentiment indicators at levels well above/below a previous extreme [...]
Following last week’s downside action, the major market indices appear headed for a retest of their March lows, and perhaps lower (in fact the DJIA is already there, while the Nasdaq still has quite a ways to go). Key near-term support levels on the S&P 500 are 1290-1300, 1275-1280, and 1250-1260.
Meanwhile, other technical indicators [...]
Last week the market indices fell to, and then bounced off of, near-term support levels. Some positive signs are an improving sentiment picture (i.e, increasing bearishness among market participants) and signs of buying in (some) financials, which are once again at intermediate-term oversold levels, suggesting that a bottom of some sort may not be too [...]
Following last week’s sell-off, the market trend picture is once again negative (or at best mixed). The likelihood of a move back down to (or potentially through) near-term support levels – i.e., about ~1340 and 1320-1330 on the S&P 500 – seems high.
New positions
Magellan Midstream Holdings, L.P. (MGG) – Last Friday I sold some [...]
Another mixed trend picture for the markets this week. It’s hard to say whether the current sideways/down price action of the major indices is simply a consolidation of the up move from the March lows or if it marks a more significant intermediate-term top of some sort.
A retest of the recent highs – i.e., about [...]
