Aug 4, 2014 Premarket update
Extreme optimism and decline in momentum is an indicator for start of a decline in US markets. In spite of a seasonal bias, the markets have not moved much in the last few days. SPX and NASDAQ made intraday new highs but closed near lows which is a bearish signal on Candlestick charts. DJI & DJT & RUT did not make new highs. This is a fractured market and will weaken soon.
Russell 2000 also made an intraday high but closed below Tuesday's lows.
We do not have a SELL signal yet.
DJI
SPY
IWM
TNA
TZA
GLD
GDX
NUGT
DUST
ERX 3X Oil Bull
ERY 3X Oil Bear
Extreme optimism and decline in momentum is an indicator for start of a decline in US markets. In spite of a seasonal bias, the markets have not moved much in the last few days. SPX and NASDAQ made intraday new highs but closed near lows which is a bearish signal on Candlestick charts. DJI & DJT & RUT did not make new highs. This is a fractured market and will weaken soon.
Russell 2000 also made an intraday high but closed below Tuesday's lows.
We do not have a SELL signal yet.
ECB Cuts rates
to 0.05 from 0.15 and will buy asset based securities. It will have effect on European stocks . Euro hits new lows to 1.30. Deflation will continue in Europe and it will not create new jobs. Europe is in recession and Central bankers will not succeed in the long run unless new jobs are created.
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