Good day to you, honorable patron of iBankCoin. The results are in from Sunday spent in the furnace room of iBankCoin labs where data is forged into actionable materials.
The most interesting development since last week comes from the NASDASQ Transportation index, which is within range of all-time highs:
In 2015-2016 markets, when a prior swing high is taken out, we reverse hard and lower, really obliterating the ‘breakout’ traders. If/when we exceed this prior high, it is best you keep an eye on how this little corner of the market behaves going forward.
Otherwise it looks like business as usual. Tech is under pressure and the Dow is living in a microcosm. Let’s see if it continues through next week.
Distinguished members of Exodus, the 108th Edition of Exodus Strategy Session is live, go check it out!
If you enjoy the content at iBankCoin, please follow us on Twitter
IYT moarrrr higher!
Raul, thanks for posting. Can you explain what a swing high is? Thank you good sir.
an old high watermark, in the chart above it’s the high made back in late Feb-early March 2015