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DiscoverGold

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DiscoverGold

Re: DiscoverGold post# 18989

Sunday, 10/23/2016 12:09:00 PM

Sunday, October 23, 2016 12:09:00 PM

Post# of 54865
Mike Burk: Technical Market Report

* October 23, 2016

The good news is:

• Last week the secondaries outperformed the blue chips.

The negatives

Last week the market followed the average seasonal pattern and rose.
However, the breadth indicators did not follow.

The positives

New lows remained at non threatening levels; otherwise the breadth indicators are not very encouraging.

Seasonality

Average returns for the coming week have been negative by all measures and worse during the 4th year of the Presidential Cycle than other periods.

Conclusion

The market had a weak rally last week, unconfirmed by the breadth indicators. Seasonality next week is weak.
I expect the major averages to be lower on Friday October 28 than they were on Friday October 21.

Good Luck,
Mike Burk

http://www.safehaven.com/article/42837/technical-market-report-for-october-22-2016

• DiscoverGold

Click on "In reply to", for Authors past commentaries

Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold

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