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From Bullish to Bearish

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

This does not serve my own selfish purposes of wanting people to hang out on the site all day long, but I must say, this market remains godawful boring. All the same, I feel some commentary is warranted, so below I present what I consider some important U.S. equity indexes, with the most bullish-behaving at the top and the most bearish at the bottom. I’ve put some remarks in the caption of each:

The Dow 30 Industrials hit yet another lifetime high today in this dozen-year long bull market.
Its cousin, the Dow 20 Transports, also flew to prices never seen before.
The S&P 100 might be heading toward a breakout above resistance. It is extremely close to its own lifetime high.
Its bigger brother, the S&P 500, has a nearly identical setup.
As I not-so-subtly implied with my “Gold is Garbage” post, anything to do with precious metals has been weak lately, and the gold bugs would fall hard if it broke below that horizontal support.
The Oil and Gas sector was repelled by its horizontal line, and I believe new weakness will soon be afoot.
The NASDAQ Composite is about 85% done with the creation of what might be an important reversal pattern.
The NASDAQ 100 has an almost identical situation.
My favorite tech short remains the semiconductor index.
Small caps remained quite weak on Monday, and they are well below their own lifetime high.
If I am going to be bullish on any one thing, it is volatility. This looks ready for a push higher, since it has been dead in the water for so long.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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