I wrote last week that many stock markets around the world were threatening downtrends. That down move materialized in ITA40, DE30EUR, EU50EUR, JP255USD, among others. These charts have heavy patterns, they all look as if they could give way at any moment. Yet US markets simply consolidated above their breakout areas.
The markets are screaming at us that capital is flowing into the US. For everyone's vitriolic hatred of Trump, simple economics precedes ideology and hearsay. USA is number 1. The charts show us this. If you hate Trump, you must also believe that the US markets will tumble, and that the EU is a better option (I will assume the same people who hate Trump, also hate Brexit).
Argument is just hot air, until someone actually bets their "hard-earned" money. The world's hard-earned money is moving to the US - you can shout and you can scream, but are you going to bet your "hard-earned money" against that?
The bear div is somewhat concerning. Also, last week's action painted a doji - signifying indecision. At the very least, this anticipates a consolidation period, before a further breakout.
A crash is null and void. A return to within the flag? Possible, if we take out recent lows. But if we can hold the breakout trendline, I target a measured move to the 27k area, then 32k.
It may require some patience, but if levels hold, longs will be rewarded.
The markets are screaming at us that capital is flowing into the US. For everyone's vitriolic hatred of Trump, simple economics precedes ideology and hearsay. USA is number 1. The charts show us this. If you hate Trump, you must also believe that the US markets will tumble, and that the EU is a better option (I will assume the same people who hate Trump, also hate Brexit).
Argument is just hot air, until someone actually bets their "hard-earned" money. The world's hard-earned money is moving to the US - you can shout and you can scream, but are you going to bet your "hard-earned money" against that?
The bear div is somewhat concerning. Also, last week's action painted a doji - signifying indecision. At the very least, this anticipates a consolidation period, before a further breakout.
A crash is null and void. A return to within the flag? Possible, if we take out recent lows. But if we can hold the breakout trendline, I target a measured move to the 27k area, then 32k.
It may require some patience, but if levels hold, longs will be rewarded.