Rumble in the Market Jungle
In this Rumble in the [Market] Jungle, the bull may have risen like a butterfly, but the bear has once again shown its ability to sting like a bee. In recent weeks, US equities triggered a 5% drawdown alert from their 52-week high, activating the Canary signal published here.
It was part of an impulsive wave reversal pattern, further confirmed by a rare confluence of DeMark© exhaustion signals, which led to a breakdown under a 6-month trend-channel. Watch S&500 key support at 6500, which serves an important downside trigger level (Figure 1). Only a weekly close above psychological level at 7000 would resume the bull-trend and neutralise the mean-reversion signal.
Meanwhile, a review of the recent burst of volatility shows it hit the market like a sharp combination punch – not only exposing broad weakness, with more than half of the index-related equities falling below their[…]
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