The rally in the SPX up to a new cyclical high since Jun. has proceeded with a fair degree
of form regularity. It has saw toothed along and every challenge down to the 25 day m/a
has resulted in a bounce off the 25 day or a quick upmove if the 25 day was penetrated to
the downside. Note as well that such penetrations have been shallow. Well, the SPX is
once again down around its 25 day m/a. As well, my extended time MACD is also showing
a challenge to the uptrend in place there. Without a nice upward bounce in the SPX this
week, we may be looking at a rally that is either changing character, or worse, ending.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!