Today 7/25/17 the SPX and IXIC made all-time highs.
Momentum remains insanely bearish. NYSE 52- week highs today was 221 vs. 778 made on 12/9/16
Nasdaq 52- week highs today vs. 562 made on 12/8/16.
Today only 3 of the 9 S&P 500 sector funds made new highs
Intraday SPX patterns point to a potential top sometime around the FOMC announcement on 7/26/17.
If SPX turns down the extreme bearish momentum hints at SPX 2100 by late August 2017.
If this decline occurs it could be the first wave down of a multi year bear market.
The last SPX- Mother of all turns was on 3/6/09.
7/26/17 could be the next Mother of All Turns!!!
Mark
Momentum remains insanely bearish. NYSE 52- week highs today was 221 vs. 778 made on 12/9/16
Nasdaq 52- week highs today vs. 562 made on 12/8/16.
Today only 3 of the 9 S&P 500 sector funds made new highs
Intraday SPX patterns point to a potential top sometime around the FOMC announcement on 7/26/17.
If SPX turns down the extreme bearish momentum hints at SPX 2100 by late August 2017.
If this decline occurs it could be the first wave down of a multi year bear market.
The last SPX- Mother of all turns was on 3/6/09.
7/26/17 could be the next Mother of All Turns!!!
Mark