Market Report 7/27/167, sell short stop 18300, CG(6245),11/20/15
The market has gone nowhere even after the coronation of Hillary and now Obama has spoken, it is interesting to see if polls will plus Hillary and markets will follow. Unfortunately the market just made a sell top two days ago and stochastics and relative strength are falling, a bad omen in addition of the polls showing Trump ahead by as much as 5 points in some states. Will the market shiver finally and break 18283 on high volume? Rumors of another coup in Turkey did not help. Stand by.
Critical support level now at 17026.
Due to the extreme valuations and technical crosscurrents, we are recommending caution until the air is clear as to how Trumps and Hillary nominations will influence the National polls.
$DJI nearly year of declining tops in force since last December, stochastics weakening, support at 17678,16332,15200. On the medium range charts the markets are making new lower lows while tops are disguising the underlining downtrend, Yellen still printing money to support Hillary, but for how long is not clear.
USD/CHF declined to 0.9854, indicating Yellen's suppressing rates a bit by shorting gold and printing dollars at the same time. 5 out 9 USD/CHF stochastics up, resistance 1.3843, gold broke resistance and exploded to 1346, 4 out of 9 stochastics up, resistance 1500. DJI futures +33, the market gained few points after bounce of the lows of the session, and near new high. 6 out of 9 stochastics are up in the Hillary's victory rally which seem to run out of gas after polls show people being distrustful of her. The stochastics following long market trends indicate that this is a false market move on very low volume, hence we must wait for technicals to improve in near future.
Critical support level now at 17026.
Due to the extreme valuations and technical crosscurrents, we are recommending caution until the air is clear as to how Trumps and Hillary nominations will influence the National polls.
$DJI nearly year of declining tops in force since last December, stochastics weakening, support at 17678,16332,15200. On the medium range charts the markets are making new lower lows while tops are disguising the underlining downtrend, Yellen still printing money to support Hillary, but for how long is not clear.
USD/CHF declined to 0.9854, indicating Yellen's suppressing rates a bit by shorting gold and printing dollars at the same time. 5 out 9 USD/CHF stochastics up, resistance 1.3843, gold broke resistance and exploded to 1346, 4 out of 9 stochastics up, resistance 1500. DJI futures +33, the market gained few points after bounce of the lows of the session, and near new high. 6 out of 9 stochastics are up in the Hillary's victory rally which seem to run out of gas after polls show people being distrustful of her. The stochastics following long market trends indicate that this is a false market move on very low volume, hence we must wait for technicals to improve in near future.
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