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Monday, May 29, 2017 8:37:36 AM
Weekend Reading: Correction Over As “Trump Hope” Remains
Written by Lance Roberts | May, 26, 2017
Over the last couple of months, I have repeatedly discussed what has been possibly the most “boring” market ever. That was until the previous Wednesday when the market deciding to take a quick “road trip” to the 50-dma.
It didn’t last long.
The market promptly went back to sleep in a light volume flotation (note decline in volume during advance) back to old highs. Yesterday, after multiple attempts, the market was finally able to muster a breakout above 2400 as “hopes and dreams” of “Trump tax cuts” once again took the lead over worries of “impeachment.”
While on a short-term basis, the bullish bias continues, which keeps portfolios invested, for now, the intermediate-term (weekly) trends also remain within the confines of the bullish trend from the lows of 2016. However, the “alert” signal still remains from a very high level as markets push back into extreme overbought terrain. This suggests that upside is somewhat limited as there has not been enough of a correction to alleviate more extreme conditions.
FULL with chart images and links for reading @
https://realinvestmentadvice.com/weekend-reading-correction-over-as-trump-hope-remains/
Written by Lance Roberts | May, 26, 2017
Over the last couple of months, I have repeatedly discussed what has been possibly the most “boring” market ever. That was until the previous Wednesday when the market deciding to take a quick “road trip” to the 50-dma.
It didn’t last long.
The market promptly went back to sleep in a light volume flotation (note decline in volume during advance) back to old highs. Yesterday, after multiple attempts, the market was finally able to muster a breakout above 2400 as “hopes and dreams” of “Trump tax cuts” once again took the lead over worries of “impeachment.”
While on a short-term basis, the bullish bias continues, which keeps portfolios invested, for now, the intermediate-term (weekly) trends also remain within the confines of the bullish trend from the lows of 2016. However, the “alert” signal still remains from a very high level as markets push back into extreme overbought terrain. This suggests that upside is somewhat limited as there has not been enough of a correction to alleviate more extreme conditions.
FULL with chart images and links for reading @
https://realinvestmentadvice.com/weekend-reading-correction-over-as-trump-hope-remains/
Pray for A Pain Free Day!
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