Stock Market SPX May Gap Beneath its Head & Shoulders Neckline
Stock-Markets / Stock Markets 2014 Jan 31, 2014 - 03:45 PM GMTThe overnight markets took back all the gains from yesterday and then some. There are numerous items influencing investor sentiment, which are listed below.
· The Nikkei started off on a ramp, but gave up over 400 points, closing at a loss.
· The deflation monster is raging in Europe.
· European stocks are having their worst January since 2009.
· Euro inflation is building interest rate pressures.
· Wal-Mart cuts guidance, blames reduced SNAP program and weather.
· Equity funds have had their largest weekly outflow in two years.
· Americans Burned Through $46 Billion In Savings To Fund December Purchases: Savings Rate Lowest Since January 2013.
Need I say more?
TNX has extended is decline in a throw-under of its Ending Diagonal. I may need to re-label this correction as a higher degree Primary Degree Wave [4]. But not yet.
The USD is near its breakout point, making an overnight high of 81.39. You can see that mid-Cycle resistance is at 81.40. A breakout above mid-cycle resistance and its prior high at 81.53 confirms the uptrend in the dollar.
Regards,
Tony
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