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Well, at least it’s all out in the open now. Nobody even bothers about growth or earning anymore (at least for now).
It’s all about the Fed, markets by central committee. Don’t take my word for it, just look at the headlines:
Extension - Year
It’s just the extension of what we’ve seen all year:
…or since 2009 for that matter:
Machines - Mission - Matter
And for now the machines continue on their programmed mission to buy no matter what:
My current technical outlook remains the same as outlined in Sell Zone.
The Distortion continues.
But look closely, the market construct is fragile. It’s all a bunch of rising wedges, bear flags and open gaps.
Wedges - Hallmark - Market - Action - Year
Indeed rising wedges have been the hallmark of the market’s action for the past year and a half:
They’ll squeeze and squeeze until they eventually break.
And underneath the big 3 main indexes we have bear flags:
And in between all...
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