Previously mentioned that the supports are being broken. It gave way after an expected bounce. The dip that followed came with confirmation technical signals as well as a lower low… suggesting that there is downward momentum still. Saving grace lies with a pullback rally to end the previous week just above the support line. However, this appears to be futile, with shallow bullish bounces expected, and a close below the major support line.
Thing is this… there should be a close below the line and it needs to hold below for another three weeks to firm up more downside. But a rally back up above that critical support (then turned resistance) would be a good bullish rally to look for, albeit later in the year end/beginning.
Next four weeks should see at least two weekly closes below support.
In line and in support of this indication, TIPS and TLT, with JNK have led the markets by pushing further new lows of late.
Heads up.
Thing is this… there should be a close below the line and it needs to hold below for another three weeks to firm up more downside. But a rally back up above that critical support (then turned resistance) would be a good bullish rally to look for, albeit later in the year end/beginning.
Next four weeks should see at least two weekly closes below support.
In line and in support of this indication, TIPS and TLT, with JNK have led the markets by pushing further new lows of late.
Heads up.
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Will give way and breakdown IMHO... the TLT TIPS are all forewarning.