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Stock Market Rally is Wearning Thin

Stock-Markets / Stock Markets 2016 Jul 01, 2016 - 11:51 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX is pulling back from a 21-wave impulse to 2096.68. The rally cannot get any steeper than this as the rally made 5.27% in three days. An 86.3% retracement.

For simplicity sake, I am labeling this Wave C of (2), which makes this an irregular correction. For political sake, this quarter needed to close above the March 31 closing price of 2059.74, about a 1.5% gain (with lots of volatility) for the past quarter. The trendline may be crossed at or below 2090.00.


The VIX and its ETNs were hammered in order to achieve this purpose. However, VIX has re-crossed its 50-day Moving Average at 16.08, reinstating the aggressive buy signal.

TNX reluctantly joined the surge today, but has already give most of its back.

EUFN managed to rally back to its Orthodox Broadening top trendline. European financials are only beginning to decline as the brief period of strength wears out.

Can we trust this market? I think not!

Regards,

Tony

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Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com

As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.

Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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