“Technically Speaking” is a regular Tuesday commentary updating current market trends and highlighting shorter-term investment strategies, risks, and potential opportunities. 

Given the markets were closed on Monday, the analysis from this past weekend’s missive did not change. The important takeaway from that analysis was:

“A couple of week’s ago I discussed the rather clear “head and shoulders” technical pattern that we developing in the market. These patterns often suggest deeper corrections if they complete by breaking neckline support. A “gray rhino”if there ever was one. 

The good news is the rally this past week terminated that formation by breaking the very short-term downtrend line as shown below.”

 “While the market did nullify the more bearish short-term pattern, it is important to note that the market has not done much more than that.

All that really happened last week, as shown in the chart below was an oversold bounce on deteriorating volume confined to an overall market downtrend.”

….more analysis and 10 charts HERE

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