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Happy Friday, everyone. We kick off the day with equities slightly red across the board. What I find particularly exciting – – – besides the fact that next week has historically been quite bearish – – – is the preponderance of bearish setups in the form of what is normally quite a rare pattern, the diamond top.
The first item to show you isn’t a diamond, but is a very small H&S pattern which broke just minutes ago.
Now that the monthly CPI is out of the way, let’s take a look at 10 important index charts. I’ve got to say, these are collectively painting a rather exciting bearish picture.
The All World Index is still working on its miniature topping pattern, which is quite clean. if it can get below the low horizontal, the market as a whole is in serious trouble. I would also add that the semiconductor index is also sporting almost exactly the same pattern over the same timespan.
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One of my 14 bearish positions is Huntington Bancshares (HBAN) which is sporting a very clean price gap at 11.15. Keep in mind, it’s a Banc, not a Bank.
Etsy (ticker symbol – surprise! – ETSY) is sort of like an eBay for crafts. Something like that. In any case, it has a massive head and shoulders topping pattern.
