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This week: Our second bump in the road for a top.


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#1 Rogerdodger

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Posted 13 March 2015 - 10:56 AM

This will update after the close (because the chart is based on funds, not stocks) but the weekly red should hold as TLT is currently up over 3% and JNK is down 1/2%.
The floor near 2000 is still very much the key, and it also looks like SPX is at the bottom of a wedge.
Will we make it back up to the 50MA on the Confidence Index as we did in 2008?
Notice that although the confidence index rose on it's final thrust, the SPX price continued to decline from it's top.
Nitpickers said it's useless and not an analog to 2008, so I'll call it a similog. :P

This week: Our first bump in the road for a top. Posted Image 12 A RED week for the "Confidence Index"
As Yellen eased off on interest rate talk...
The analog to 2008 still seems to be in play as TLT outperformed JNK this week 2.36% vs 0.58%.
http://stockcharts.c...26262160228.png

Likewise we are bumping against the box of resistance in a growing top potential.

http://stockcharts.com/c-sc/sc?s=$NYA&p=M&yr=20&mn=0&dy=0&i=p03162317332&a=390644585&r=1425076685767.png


Edited by Rogerdodger, 13 March 2015 - 11:16 AM.