Charts of interest that I'm watching over the next few days are shown below…action of late has been in favour of the bears (except the U.S. $)… (of particular interest is Tuesday's break and close below the uptrend line on OEX).
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Consumer Debt Bubble Looming?
Data released on May 7th shows that consumer debt levels rose again and are now at their highest levels since January 2000, as shown on the graph below.
As you can see, the "boom and bust" swings have been steadily widening since that time, which indicates "increasing volatility" in this type of psychological behaviour…some may call it "unstable and unsustainable."
Confidence in Europe at Lowest Level since July 2009
Data released on May 7th shows that Sentix Investor Confidence in Europe is now at its lowest level since July 2009, as shown on the graph below. Economic pessimism is accelerating.
Since it's a "leading indicator of economic health – investors and analysts are highly informed by virtue of their job, and changes in their sentiment can be an early signal of future economic activity," this can only mean that economic conditions will worsen in Europe.
AUD/USD and its Pink Diamond Pattern
This break below the 61.8% Fibonacci fan line on Friday (and the hold below the earlier break below the pink diamond pattern) is worth keeping an eye on on the AUD/USD forex pair…major resistance is at 1.0365 on this Daily chart below…the next MAJOR support is at 0.938.
Money Flow for May Week One
Further to my last weekly market update, here is a summary of where money flow ended for Week 1 of May 2012.
The Weekly charts below of YM, ES, NQ & TF show that they reversed last week's bullish setup to close as bearish engulfing candles. They are still range-bound from February. Until we see price break out of this range one way or the other with conviction, we may see an attempt at a bounce on Monday.
