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We are now at levels not seen since October 2011 (if you think way back, that’s the last time the S&P had a serious big selloff, when the U.S. government still considered the debt something to be taken seriously). I think all stock markets are in trouble, but we may be in for a short-term bounce from these depressed levels.
We may see some nice follow-thru on this EEM channel break and a correction down to major support at 36.50, as shown on this Weekly chart. (more…)
It looks like Japan’s Nikkei e-mini Futures Index (NKD) may well be on its way down to its next confluence support level of 12600, as I discussed in my post of May 24th, and as shown on the Weekly chart below. There is the potential for a bearish 3 Black Crows candle pattern to form, depending on where this week’s candle closes. A close near its low this week, technically, portends further weakness. (more…)
During yesterday’s It’s-Tuesday-So-Buy-Everything ramp, I noticed that Brazil’s equity ETF, symbol EWZ, was quite weak, and it was actually in the red for most of the day. I shorted a decent amount of EWZ, and now that today has some overall redness, EWZ has been particularly weak; in fact, it’s the best position I’ve got today. I think we could see the high 40s on this symbol within a couple of weeks. (more…)
