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Market Charts

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

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).

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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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