spx weekly update
The market sold off into the weekend with talks about North Korea on the verge of war and the spillover from the Cyrus crisis.
Unemployment still remains a big problem and the market did not like that at all, and we still have a gloomy outlook. However when we take a look at the chart below, we can see the market even through the bashing, and bad news has remain pretty buoyant. Perhaps people are jumping to conclusions too soon, and we do not have a big reason to panic just yet.
It is clear the market is totally dislocated away from any bad news at the moment as a whole. There have been a few blips and blops along the way, however the market still has strength attached to its name.
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| spx weekly update |
As you can see, we are still in a major bullish uptrend, and things are not looking too bad in the bigger picture. A few months back we even included the bull / bear ratio chart that convinced us we are still in a bull market. When you take a look at this chart you can see why.
This week was not good for the market, that is for sure. Further more it could even be the start of a much larger correction as we have been hinting. But for now the leader of the market the dow jones transportation average still remains above critical support and above the major averages.
It would be wise to monitor these support levels in the coming weeks, as a breach of these levels would not bode well for the markets. But until that happens there is no real reason to throw hands up in the air and panic.
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