Bullard Gives Stocks Bears a Boost
Stock-Markets / Stock Markets 2016 Mar 23, 2016 - 03:52 PM GMTThis is a close approximation of the trendlines that SPX is dealing with. Fortunately, SPX has made a declining impulse (5 waves) to the 4.3-year trendline. It is now in a bounce that may take it back to yesterday’s close or the shorter-term trendline, depending on how long it takes.
Confidence in the reversal rises once the retracement is complete, preferably beneath the short-term trendline.
The decline appears to have gained momentum after FOMC member Jim Bullard’s interview on Bloomberg this morning. The full article and interview can be found here.
VIX is clearly above its lower Pennant trendline, but the buy signal comes above the upper trendline, currently near 16.00.
TNX is slowly losing altitude, but the all-clear comes at 16.64.
I am at a conference the rest of the day and won’t return until very late tonight. The Mid-Week Report may not get published this week due to a very full schedule.
I’ll send out the next report in the morning.
Regards,
Tony
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