After missing an entire week I’m going to begin with a chart of the S&P 500, partly for your enjoyment, mostly for me to catch up and figure out what the heck happened last week.
The vertical dashed line marks where I left off. At the time, and as noted in the chart below, upward momentum was slowing, RSI was working its way into oversold territory and the faster moving (black) moving average was beginning to roll over, indicating a possible upcoming bearish MACD crossover.
I thought the setup was indicating a likelihood of mildly downward trending prices ahead, but then the US equity market resumed its ascent, aided towards the end of the week by the global market’s trump card: more central bank stimulus.
China cut interest rates for the first time in two years as leaders recognize the economic uncertainty that lies ahead. China’s 3rd quarter GDP arrived at 7.3%, fantastic in ... Log in or subscribe to continue reading.