AI
Wednesday, November 11, 2015 7:48:35 PM
from headline charts, me, I wanna see SPX break below 2062 real hard
The short-term trend is represented in the chart above by the PMO index.
It's day two (or maybe day three) of the downtrend. Finally, the PMO gave a clear signal. As you know, this index can move very quickly from overbought to oversold. Just saying.
The new 52-Week lows are elevated and at alarming levels. The yellow light is flashing the caution signal.
The bulls are still active though. The bullish percents are just barely rolling over, and bonds are not rallying.
Bottom line: Watch the new 52-Week lows. Excessive new lows while the market is near resistance and trying to break higher is not a good sign.
Treasuries don't yield anything. U.S. debt is dangerous. The dollar is overvalued. Stocks are overvalued. Gold and silver are safe. They're going up.
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