Too Close for Comfort

By Tim Knight

Just yesterday, I mentioned 2626 as an important limit for the ES. Well, just to screw with me, they managed to get it to 2626……..and a quarter point. But at least it retreated rapidly afterwards.

Thanks for late-day news about Huawei (which is bound to do wonders for the completely stalled China/US trade talks), the NASDAQ actually managed to close……….gasp……….ever-so-slightly in the red. I thought this was outlawed in 2019.

As I look at the major indexes and funds (QQQ is shown below, on a longer time horizon) I am gobsmacked anyone wants to buy at these prices. This doesn’t say to me, “Please buy me, I am going to keep going up in price.” It is absolutely screaming “REVERSAL!” We’ll know very soon if this relentless bear-torture is coming to an end or not.

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Gary

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