Last week the MACD(12,26,9) and the MFI(14) on the daily SPX chart were flat while the SPX
went up, not confirming the move up in the SPX and is now getting in sync with the MACD(12,26,9)
and the MFI(14) on the daily INDU chart which declined putting in negative divergence. Also,
former chief Economist with the IMF and currently a professor of Economics at Harvard Kenneth Rogoff said in
an interview with Bloomberg TV that he thinks that the soft landing scenario is a pipe dream. He
pointed out that he sees a recession in 2024 and that it could possibly be a deep recession. He
pointed out that the FED may have to lower rates as many as 15 times. Also, the Mortgage
Bankers Association reported that the office building delinquency rate rose to 6.5% in the 4th Q
of 2023 vs. 5.1% in the 3rd Q. I think this rate will go higher as we go further into 2024.