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On August the 9th I ask…”Was a 17% decline in 8 days enough?” Reflecting that the Wilshire 5000 was now entering a support zone (see post here) This post discussed the effects of a “right shoulder breakdown” and that a bounce was due since the VIX was hitting very high levels.
Above is an update of two very broad indexes (NYSE Composite and the Wilshire 5000), reflecting that key support on a weekly basis held and the Wilshire 5000 is 900 points higher than the 8/9 posting.
Other broad market messages to take a peak at are… TLT breaks support after it created what looks like “Twin Peaks” (see post here) and the “Dollar Crushed” post reflected a weak Dollar after a large bearish wick was created last week (see post here)
We all know the world is not in perfect shape, yet despite the media pounding the table of how bad things are, key support did not break in these two broad market indexes!
Speaking of taking a peak…how about peaking at the news from this angle…about the time these key markets hit support, the 99%movement/protesters started gaining strength…Any chance this was a sign of a “Crowded Fear Trade” at hand?
Where was this movement at the “Head & Shoulders/Right Shoulder Top” in the Wilshire??? (see post here)