Tuesday Mid-day Technical Video
A minor positive to have recouped intra-day highs made early this am. Futures managed to press up to just under yesterday’s highs but stalled out as Europe came to a close.
This will be key for this afternoon- 2843.75- OVER this afternoon would lead to 2850-3 into tomorrow without too much trouble- Reversals back down under 2826 would also be respected.. and lead to 2800
Breadth is just over 2/1 positive, down from earlier 3/1..but a halfway decent A/D reading… and Discretionary, Industrials showing strength. Energy is the only “down” sector today
The Dollar is now positive again.. which as of now, is not adversely affecting EM.. as many of the currencies and markets have stabilized and trying to rally. But good to keep a close eye on these
The Precious metals trade thus far has not worked and Leading economic Industrial metals like Copper have completely broken down
My Interview with Real Vision on Growth vs Value from July 31, and signs of Growth rolling over.
S&P made minor progress up to yesterday’s highs, and since has stalled- Above 2843.75 would be key and likely result in short-covering
S&P- prices held uptrend line support this am. And have tried to bounce.
VERY important to continue to show strong followthrough as momentum, per MACD.. has turned negative given 4 straight down days
Any failure here would allow for a move down to 2800
Copper breaking down today after over a month of stabilization. This will cause positive momentum divergence. As this held for some time before breaking
So important to watch.. but based purely on today. This is a negative
EEM- Move lower from 7/25 looks nearly complete and Counter-trend buys per Demark are now present.. but not confirmed.
2 key areas to watch. Either a move back OVER 43.46 should be followed and is a BUY - UNDER 42.36 allows for a final pullback to 41.60 and this likely marks a good trading low
So important to watch given that many currencies and EM stocks have gotten stretched of late