We’re past the first beefy week of the earnings season, and although nothing dramatic happened with the indexes, it’s worth an update. I’ve said a few words about each one, and identified them, in the caption for each chart (any one of which is clickable for a bigger view).
Dow Jones Composite – still range-bound; unresolved for bulls and bears alike
NASDAQ Composite – Failed bullish breakout. Note inset.
Gold bugs index – extraordinary upmove, but probably due for a breather
NASDAQ 100 – Bullish breakout, but pretty feeble. One bummer earnings from a megacap (like AMZN, for instance) would wreck this chart.
Russell 2000 is still the most clearly bearish looking pattern
The Major Market Index hit a new lifetime high on Friday, although in the end it formed a bearish shooting star pattern for the day
The S&P 500 is turning away from a major resistance trendline
Finally, volatility flipped bullish on the PSAR Friday, plus it remains terribly oversold.
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