It appears we may be headed for a correction. All of the indicators are red or about to turn red.
Let's look at the indicators.
Friday saw a sell off of about 2% to 2.5% amid concerns of a new COVID varient in South Africa.
Let's look at the indicators.
Interesting articles for further reading:
Markets have taken a bit of a bounce as we continue in Stage 3. The moving average line is sloping up.
It will be nice if things can get back to boring wouldn't it? This week we are seeing countries impose lock downs as COVID cases go up in Europe.
Stockcharts' Joe Duarte has an article on Fed rates and Covid and where are we in the market?
Are we possibly approaching stage 3 on the Weinstein scale? Or, are we continuing Stage 2 after getting a bounce? The GDOW and DOW both have flat moving averages, while the S&P and NASDAQ have bounced off their MA.
It looks like we are approaching a correction, with the major indexes touching their 30 week moving average lines or going just a little bit below. We are due for one, the question is whether it will be a large or little correction.
The Stage Indicators are beginning to point to weakness in the market with the major indexes about to breach their 30 week moving average line. We are due for a pullback and may see one in the coming weeks.
The FINVIZ.com heatmap from Friday is mostly Red.
Drivers appear to be financially related vs. COVID. China's Evergrande may not be able to pay it's debt, talk of Fed tapering, and debt ceiling debates.
Here is a snapshot of the S&P which appears to be entering into Stage 3.
This past week was a downer, it just seemed the bad news wouldn't stop. Delta variants, Afghanistan pull out blunder, and tropical storm Henri! Maybe it's just me, but I am getting tired.
From a stage analysis point of view, things appear
to be okay. Some of the indexes are flirting with their 30 week moving
average lines, but are still above the line.
Interesting bitcoin news:
https://news.bitcoin.com/jpmorgan-wells-fargo-launching-bitcoin-funds-sec-filings/
