BRIEF UPDATE ON THE BROAD STOCK MARKET (11;30 pm EST)
I apologize for not posting over the last several days, but I've been dealing with some complications from some minor eye surgery that has made it difficult to spend extended time looking at a computer screen. I will post a general market update tomorrow, probably in the evening.
Of course, the election controversy rages on, as we expected, but surprisingly, it is not having a detrimental effect on equity markets (at least so far). The DOW and S&P 500 have been especially bullish since election day, and it looks like we can finally say that both indices started new medium-term cycles with their lows on Oct. 30. That means it is very early in their new cycles. The fact that both indices have already made new all-time highs (on Monday) suggests that these two new cycles are bullish. The NASDAQ (NASDAQ 100 E-Mini, Dec. contract chart) is also a relatively young medium-term cycle that started with a low on Sept. 21. The NASDAQ 100, however, did NOT make a new all-time high on Monday, so we now have case of intermarket bearish divergence with the DOW and S&P 500. This is happening in a strong reversal zone so we may see a significant correction now. I will discuss this more tomorrow.
We are still out of all markets.
I apologize for not posting over the last several days, but I've been dealing with some complications from some minor eye surgery that has made it difficult to spend extended time looking at a computer screen. I will post a general market update tomorrow, probably in the evening.
Of course, the election controversy rages on, as we expected, but surprisingly, it is not having a detrimental effect on equity markets (at least so far). The DOW and S&P 500 have been especially bullish since election day, and it looks like we can finally say that both indices started new medium-term cycles with their lows on Oct. 30. That means it is very early in their new cycles. The fact that both indices have already made new all-time highs (on Monday) suggests that these two new cycles are bullish. The NASDAQ (NASDAQ 100 E-Mini, Dec. contract chart) is also a relatively young medium-term cycle that started with a low on Sept. 21. The NASDAQ 100, however, did NOT make a new all-time high on Monday, so we now have case of intermarket bearish divergence with the DOW and S&P 500. This is happening in a strong reversal zone so we may see a significant correction now. I will discuss this more tomorrow.
We are still out of all markets.
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