Judging from the hourly S&P 500 futures chart, the market looks to be in or entering corrective mode.
Source: Finviz.com
After hitting a new high of about 1680 on May 22nd, the S&P 500 made a lower high on May 28th and has been carving out what appears to be a symmetrical triangle formation. Granted the chart is hourly, meaning very short-term, but the direction of the eventual breakout from this triangle will likely dictate the near-term trend of the market.
Stepping much further back, I thought I'd also show a long-term sentiment chart from DecisionPoint's blog:
The chart's lower inset shows the Rydex Asset Ratio, which is derived by dividing money market and bear fund assets by bull and sector fund assets. The higher the Ratio, the more bullish and optimistic the sentiment. Note the reading hasn't been this high since the market peak of 2000. Yikes.
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