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SPX turns bearish, DOW could hit longest losing streak since 1978


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#1 dTraderB

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Posted 21 June 2018 - 06:53 PM

Let me admit that although the SPX has turned bearish I am not too confident about this and I am inclined to believe this 

market is ready to move up again to challenge the next swing high at 2802. The DOW has fallen down and cannot get up and is now poised to hit the longest losing streak since 1978, that's 40 years ago!

 

Notwithstanding my hesitation about accepting SPX has turned down, one has to accept what the chart says and go with it. Next target is that well-traversed 2690/2700 support zone that could be achieved early next week. 

 

 

Trade concerns could give the Dow its longest losing streak since the 70s

 

According to the WSJ Market Data Group, the last time the Dow fell for nine straight trading days was a stretch that ended in February 1978, when the index traded at just under 750. It is at nearly 24,500 currently.

Going back to 1896, there have only been 10 instances when the average put together 9-day losing streaks. Should it do so again on Friday, it would mark the 11th. The Dow’s longest-ever losing streak was a 14-day stretch that ended in August 1941.

https://www.marketwa...-70s-2018-06-21



#2 dTraderB

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Posted 21 June 2018 - 07:01 PM

1529521201_20796698_TN_CHART_LINE_Market

"What you see is that while the S&P 500 remains well off its highs from January, the cumulative A/D line has been making new high after new high. Back since the January peak in the S&P 500, there's been 14 new highs in the S&P A/D line," the firm's co-founder said Wednesday on CNBC's "Trading Nation." "That tells us that there's an underlying trend in the market where investors are acquiring stocks."



#3 dTraderB

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Posted 21 June 2018 - 07:03 PM

Goldman Sachs: Weak stock market returns are ahead even with booming earnings
  • Goldman Sachs strategists raised their corporate earnings forecasts through 2020 but said stocks will see only limited benefit.
  • The bank expects the S&P 500 to rise just 3 percent more in 2018 and about 5 percent in 2019.
  • Market obstacles include rate hikes from the Federal Reserve, the prospect that economic growth will slow after the tax cut benefits begin to diminish, and the rising U.S. budget deficit.

https://www.cnbc.com...g-earnings.html



#4 dTraderB

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Posted 21 June 2018 - 07:20 PM

om McClellan: Bumpiness Signals Weakness
Tom McClellan |   

June 21, 2018 at 02:31 PM

 

15296164901981613806867.jpg

For the current Price Oscillator up move, its bumpiness does not tell us exactly when the bears are going to take charge again.  What it does say is that the bulls’ hearts are not really in this rally, and the bulls are not organized enough to make a nice smooth up move.  That should matter very soon.

 

http://stockcharts.c...--weakness.html



#5 dTraderB

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Posted 22 June 2018 - 06:59 AM

DP Bulletin: SPX and OEX Trigger PMO SELL Signals
Erin Swenlin |  June 21, 2018 at 10:26 PM

 

http://stockcharts.c...l-signals-.html



#6 dTraderB

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Posted 22 June 2018 - 08:14 AM

from a highly regarded "FED-watcher" 

 

"Bottom Line: The business cycle is not dead. The future holds another recession. But many, many things have to start going wrong in fairly short order to bring about a recession in the next twelve months. It would probably have to be an extraordinary set of events outside of the typical business cycle dynamics. A much better bet is to expect this expansion will be a record breaker."

 

https://blogs.uorego...why-do-you-ask/

 



#7 redfoliage2

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Posted 22 June 2018 - 12:53 PM

The recent pullback/consolidation is about done.  We should see next leg up next week...........



#8 dTraderB

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Posted 22 June 2018 - 06:04 PM

Was away on business matters for most of the day.

The market is extremely unsettled and choppy but daily charts are bullish and many internals are also bullish

 

The close today was bearish but that could a temporary condition.