The breakdown in utilities is gravely concerning. UTIL lost the important 723.51 level for this week ending the day at 719. The next key level to watch is UTIL 706.83. This is a trap-door for the stock market. If UTIL 706.83 fails, Armageddon begins. There would be a high likelihood that the stock market may flash crash. At a minimum, the S&P 500 will likely dump 30 handles in a heartbeat. Stock market bears win big if UTIL loses 706.83. Market bulls will recover and start a relief rally if they move UTIL back above 723.51.
Copper is helping the bulls. CPER is above 17.34, however, if CPER loses this level, the stock market will likely fall apart and crumble.
IF CPER loses 17.34 and UTIL loses 706.83, Goodnight Irene, Irene goodnight. If both turn bearish you will see carnage in the stock market that will be historic.
If copper remains in the bull camp, and UTIL moves above 723.51, the bulls are going to create a relief rally.
US markets are closed today for Thanksgiving Day feasts. The US stock market trades tomorrow in a shortened session from 9:30 AM EST to 1 PM EST.
Happy Thanksgiving to all. Do not forget about the poor and disadvantaged this holiday season.
Happy Thanksgiving to all. Do not forget about the poor and disadvantaged this holiday season.
11/25/18;
7:00 PM EST =
11/21/18; 10:52 AM EST
= -20; signal line is -17
11/21/18; 10:00 AM EST
= -4; signal line is -17 but algorithm remains short
11/21/18; 9:36 AM EST =
-4; signal line is -16 but algorithm remains short
11/20/18;
12:38 PM EST = -20; signal line is -16
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