MARCON
V for victory?
V for victory?
F-Fund: Trading down to a 52% reading within an overall downtrend, AGG has fallen through it's most recent 31-day uptrend line drawn in white. Check out the two white circles on the bottom. Back in Late February's left circle we had a spike in negative volume and a gap down in price. What followed was a bloody 8-day fall. On the Right circle we have a spike in negative volume and a gap down in price. Combining all this with a failure to close above the yellow trendline leads me to believe this chart has taken on and may continue to take on more technical damage.
C-Fund: Gaining price and trading at 60% the S&P 500 looks poised to test the previous top. You may notice I've outlined the mini V. We've seen a few of these, most notably the large one at the March 2009 666.79 bottom.
S-Fund: A little stronger than the S&P 500, trading with a 64% reading, the S-Fund looks ready to test its previous top. Like the S&P 500, if W4500 makes a higher 6-month high, then the yellow rising trendline will turn green, and all other trendlines will be erased.
I-Fund: Same reading as W4500, trading with a 64%.
EFA failed to confirm and capture a second close above the blue trendline. This was probly due to the bad news from Japan's reactor on Friday. I'm looking forward to watching Monday's price action.
UDN has some concerns I'd like to point out. Looking at the top 3 green arrows we can see the rising green trendline has been tested numerous times. It has a faily steep Angle of Attack, so I'm expecting this trend to change. That doesn't mean I expect it to be a downtrend, just that I expect it to be a weaker uptrend. Once again I'd like to point out the Momentum, Trend, Volume indicators are telling us this is a weaker top or a "divergence."
I'm sitting next week out taking a mental break. Thanks, & trade safe...Jason
