The Morning Call
9/11/17
The
Market
Technical
The
S&P is holding above its moving averages and the lower boundaries of the
uptrends across over all timeframes. But
I have to add ‘just barely’ with respect to its short term uptrend. It is hugging that ascending support level
but has been unable to push above its early August high. Those boundaries will soon converge and when
they do, we should get some directional information.
The
long Treasury had another strong week, maintaining its position above both moving
averages and above the lower boundaries of its short term trading range and its
long term uptrend and staying above the June resistance level for a second day. This Market continues to point to lower
rates, no Fed rate hike and a weaker economy.
I
opted to show the long term chart of the dollar so you could get a sense of how
little support there is between current levels and it 2012/2014 lows.
Like
the dollar chart, I wanted to give you a long term look at GLD. Now that it has reset its short term trend to
up, it is not that far from challenging its intermediate term trading
range. If that gets reset, there is not
much resistance for another 40% to the upside.
After
threatening to challenge its late July lows, the VIX bounced hard, closing
above both moving averages and the lower boundary of a developing very short
term uptrend. In the process, it made a
second lower high. It now appears to
have developed a pennant formation marked by the upper boundary of its short
term downtrend and the lower boundary of the aforementioned developing very
short term uptrend. A break of either
boundary would provide an indication of future direction.
Fundamental
Headlines
***overnight,
August Chinese inflation was ahead of expectations, Irma appears to have been
less destructive than many thought and North Korea didn’t fire a missile
marking it Founder’s Day.
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