Do Bulls Own This Market Now? 6 Charts Say Otherwise

The bulls own this market now. The bears don’t have a chance. In a few months, we’ll be at 5,000 on the S&P.

Nah, not so fast. Allow a brief counter-argument.

First of all, the VIX is at the lowest level it’s been since COVID stormed the globe. We are closer to that price gap than ever before.

VIX Volatility Index ChartVIX Volatility Index Chart

Tech stocks remain more vulnerable to weakness than the rest of the market. Keep an eye on that horizontal.

COMPQ ChartCOMPQ Chart

Not surprisingly, the NASDAQ 100 has much the same setup as the NASDAQ Composite above. It’s all about that price gap.

NDX ChartNDX Chart

The semiconductor sector, which has quite plainly broken its ascending trendline, did a perfect tag of its underside yesterday.

SOX ChartSOX Chart

Likewise, the Dow Utility Index has tagged its own busted trendline. Higher interest rates are dead ahead.

UTIL ChartUTIL Chart

Lastly, the Great White Hope (or the Great White Whale, depending on how this goes) for me remains the oil sector.

XOI ChartXOI ChartOriginal Article

Leave a comment

Send a Comment

Your email address will not be published. Required fields are marked *