Have a close look at this. Can you say, “Target 800 then 760?”
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What do you think of a dip to the 50DMA, a feeble attempt at $86, then a plunge to the 200DMA?
Daily charts look oversold, but the weekly, monthly look to be overbought.
XLF Sellers unable to keep GS under thursday’s low. Discretionary restaurants almost all green for 3rd day in a row DRI CMG , etc.
This is a market in sector rotation, not crash mode.
The Saudi riots are being used as an excuse to sell EWZ Russia , and RSX Brazil. This is unfairly keeping EEM down. It wont last. I think the trust fund baby interns, manning the prop desks, need some basic geography lessons.
Under the surface the cracks are beginning to grows, but old habits die hard for complacent dip buyers. My model tells me this market is under distribution and that any breakout attempt to new highs right now is likely to fail.