Stephen Mayo's  Instablog

Stephen Mayo
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Somewhere between disaster and "more of the same" is the world we all live in today, and it may go on in this same state for our lifetimes. No black swan, no collapse, no implosion of the Republic. Because there is no knowing I have given up trying to know or predict. I have one goal. Survival... More
  • A Little Note On The Market Outlook 0 comments
    Aug 14, 2014 11:21 AM | about stocks: SPY, GLD


    In the DOW 30 chart below we can see that the small pullback has found very good support from the (visible) trend line.

    Thursday AM

    The slow stochastic is in the overbought range. and prices have bounced nicely off the line. The question is, will the expected downdraft in the next few days test the line or break the line? Or will an updraft crush the stochastic against the top of the chart as prices race up from here.

    In my opinion, the line's integrity matters the most.



    The DOW Utilities have broken their uptrend line and are building the overhead downtrend line. WHile the industry seems split into two types of utilities, the Index make no distinction and shows the sector positioned for correction.



    A pretty healthy uptrend is in place. Looks solid. The possibility of a pullback, as indicated by the stochastic, would likely keep it about the longer term uptrend line.



    More volatile. Anyone's guess.


    Building a pretty good base, it seems. But slow in developing. Very slow.


    Happy Trading! Happy Holding!

    Stocks: SPY, GLD
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