S&P trendline support gives way
It’s early in the day, but the S&P appears likely to finally break under trendline support. If today’s sell-0ff holds, it would put the same breakdown on the weekly chart.
Chris Kimble made an interesting point. The yield on 10 year Treasuries has broken to the downside. Equities hadn’t fully followed when he posted, but he pointed out that equities have had a (minimum) 15% correction within 90 days each of the 4 times this has happened in the last 5 years. His note, complete with charts, is here.
I have finally opened some outright short positions in the last week. Enough pieces have added up and I’m feeling a little frisky.