In one of the more bizarre displays of behavior I have seen in 45 years of observing the market, the short term indicators have been running dead flat at the neutral line. Apparently the market has reached a state of perfect equilibrium and absolute stasis. JP Morgan has arisen from his grave to pronounce, “The market will not fluctuate.” Meanwhile, there are a number of sell signals, but they are contradicted by price projections of 1400-1430 on the 13 week through 10-12 month cycles. Whether they get there or not appears to depend on whether the market breaks 1360 or 1340 first. This report illustrates exactly why.
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