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Wednesday, June 14, 2017 9:28:35 AM
Are Technical Indicators and June Seasonality Converging on Disappointment?
By Almanac Trader | June 13, 2017
After taking a backseat to NASDAQ throughout much of April and May, it was DJIA and S&P 500 (and Russell 2000) that closed at new all-time highs today. All three new highs were modestly above their previous records and the across-the-board confirmation by all four indices is still lacking. Based upon the recent 21-year history of June’s performance and the fact that the market is entering the period where some mid-month strength is common, the market may try to continue to slowly move higher over the next few days, but it will first need to overcome the Fed’s announcement tomorrow.
Looking at the three charts above, DJIA and S&P 500 are right around projected monthly resistance (red-dashed line) while their respective Stochastic, relative strength and MACD indicators (lower three panes) are flat-lining. NASDAQ’s chart and technical indicators are more sanguine following last Friday’s rout. Technical indicators stretched and major indices at or near resistance just ahead of typically weak end of June is a near perfect setup that could surprise the bulls.
http://jeffhirsch.tumblr.com/post/161789224683/are-technical-indicators-and-june-seasonality
• DiscoverGold
By Almanac Trader | June 13, 2017
After taking a backseat to NASDAQ throughout much of April and May, it was DJIA and S&P 500 (and Russell 2000) that closed at new all-time highs today. All three new highs were modestly above their previous records and the across-the-board confirmation by all four indices is still lacking. Based upon the recent 21-year history of June’s performance and the fact that the market is entering the period where some mid-month strength is common, the market may try to continue to slowly move higher over the next few days, but it will first need to overcome the Fed’s announcement tomorrow.
Looking at the three charts above, DJIA and S&P 500 are right around projected monthly resistance (red-dashed line) while their respective Stochastic, relative strength and MACD indicators (lower three panes) are flat-lining. NASDAQ’s chart and technical indicators are more sanguine following last Friday’s rout. Technical indicators stretched and major indices at or near resistance just ahead of typically weak end of June is a near perfect setup that could surprise the bulls.
http://jeffhirsch.tumblr.com/post/161789224683/are-technical-indicators-and-june-seasonality
• DiscoverGold
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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