A wild week on Wall Street indeed! We have likely witnessed a flash crash of sorts on Monday, as many ETFs saw their prices cut in half within seconds of opening! Especially concerning was the fact that the underlying stocks that these ETFs held did not experience such drops. This does not inspire confidence in the stock markets … but we have to work with what we got. 

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A rally attempt from the last week got cold feet as early as Tuesday. $SPX ran into resistance in the 2100 area and turned back with a vengeance. Thursday and Friday candlestick prints for $SPX appear to be of the rare Marubozu variety. 
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Stocks managed to close the week with marginal gains: $SPX gained a little under ¾ of a percent, while QQQ and IWM held support and is ready for a bounce higher.
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       I am getting a feeling that some sort of a “flight to safety” is taking place within the markets. Of the major ETFs two gainers stood out: bonds (TLT) and utilities (XLU). These assets are the traditional go-to during the time of market stress. On average stocks ($SPX) lost a little over 1% for the week – not much of a concern for me at this point. 
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       More choppiness this week in the markets as the S&P 500 rebounded off the 200-day moving average. $SPX gained a little over 1% for the week. Market breadth picture improved somewhat as the New highs – New lows percent indicator flipped back into positive territory. I think the longer-term picture for the stocks is still bullish, and we may see new highs soon, provided breadth improves further. Read the rest of this post here