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A Sign The Rally Might Be Running On Empty
By David Spurr on April 28, 2009 | More Posts By David Spurr | Author's Website
Running on Empty - This rally is out of gas. It’s going to sputter and groan a few time, but I think it’s really time to put a fork in it ! ; It’s cooked. Get Short Fast ! Swine Flu and overbloated Treasury sales should kill it this week.
The rally attempts seem to be met with more selling. Since a week ago Friday’s high of 872, we’ve made three solid attempts to put in new highs and all three have been met with relatively agressive selling. You can see that the length of the bars on the rally sales have been long, indicating that the selling has been swift and vicious. There’s also a h/s forming on the chart below on the ES ; It has tried to push above the trendline, from which it broke down 3x and each time has failed, and the last time it didn’t come close.
If this market fails to make some new highs soon , the rally could be in jeopardy !
The EURO has also failed to make new highs above 1.35 ; the selloff in the EURO has been a reason that the ES has failed to make new highs.
NQ pushes higher after selloff ; This index is the stronger index ( than YM and ES).
NQ is also in a Wedge Formation
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Overcooked and drying out.
As GBP approaches “parity” with EUR, the initial valuation on EUR comes to mind and you have to wonder what the fork test is saying.
At what stage does mummification set in?
For all the faults of the greenback or foodstamp as it may become known, EUR still seems like 80c on the dollar to me and no amount of “reality” seems to change it.
Enjoy your meal.