We only had 3 full days of trading and a half-day on Friday; therefore it is difficult to draw any conclusions from the price action during this relatively short period of time. SPY gained a fraction of a percent for the week, while QQQ lost a fraction.
I maintain my bearish outlook for stocks in the near term. A retest of recent November lows is very likely. Should that level fail, a retest of August lows is extremely likely. Various market breadth, momentum and trend indicators that I track have not yet given an all-clear message. CHART OF SPY |
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CHART OF NYA
CHART OF AGG
CHART OF MUB
CHART OF $USD
GOLD CHART
CHART OF GDX.
CHART OF COPPER
CHART OF OIL
CHART OF $NATGAS
Best Regards and have another great trading week!
Alexander Berger (www.MasterChartsTrading.com)