By Tim Knight
In spite of all my pissin’ and moanin’ about the lack of direction in the market, if you take a step back, at least we’ve got a little bit of a trend since June 13th. On that day, equities were in many cases nailing lifetime highs, and the S&P was approaching an importance resistance point. On an intraday basis, we have been carving out a fairly clean set of lower lows and lower highs.
Around the 18th and 19th, there was an usually strong surge (was it due to North Korea? I don’t remember, and it doesn’t even matter at this point…) so it seemed that maybe this downtrend would be ruined, but we have “caught down” once more, cementing the firmness of the move.
Two weeks isn’t a lot of time, but sheesh, in a market like this, that practically constitutes a secular market cycle.
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