Monday, March 12, 2018

Monday Morning Chartology


The Morning Call

3/12/18

The Market
         
    Technical

            The S&P roared on Friday based mostly on the jobs report. Technically, momentum remains to the upside.  A key level to watch is the prior high.  If the S&P pushes above that level, the very short term downtrend will be broken.  Then only remaining resistance will be its late January all-time high.

            Update on margin debt (medium):



            The momentum in long Treasury remains to the downside.  The moving averages and most trends are negative.   The lone holdout is the lower boundary of its long term uptrend, which is now within a point of being breached.  Friday’s pin action suggests bond investor are ignoring the ‘goldilocks’ jobs report.



            The dollar was near comatose on Friday, seeming to suggest the investors were unimpressed with the jobs report. In any case, the chart remains ugly.



            GLD was up slightly, remaining above its 100 and 200 day moving averages and the lower boundary of its short term uptrend.  That is the good news.  The bad news is that it has made two lower high which means very short term, the momentum is to the downside.



            Given last week’s Market’s performance, it is not surprising that the VIX took it in the snoot.  On Friday, it finished below the lower boundary of its short term uptrend for the second day; if it closes there today, it will revert to a trading range.  It is also building a very short term downtrend.  However, it did touch its 100 day moving average and then bounced.   The question, is the recent period of elevated volatility behind us---or not?



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            The latest from Jeff Gundlach (medium):

            Risk versus return (medium and a must read):

What I am reading today

            Ideas that changed my life (medium):

            China and the US are losing together (medium):

            Quote of the day (short):

            Pentagon releases footage of navy pilots tracking a UFO (medium and a must read):

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