Sunday August 6, 2017.3.27.am.edt.
The S&P 500 ($SPX) 10 Year Monthly Chart (below) RSI (far upper left of the chart below) at 77.30 is almost as overbought on a monthly basis as it was in Oct 2008 just prior to the “Great Recession” when it hit the former all time high “1,579 Dubya High” Notice the the 50 DMA at 2,056.18. That”s the first support line and less then 30 pts from the “GOP3 Nov 9, 2017 futures low” see it at 2028.50 on my screen shot from that night below? That’s when it was known trump had won but senate and house GOP3 sweep still unknown. Notice how 2028.50 is sub 2056.18!!!
Now, what’s really scary is lose that and its very easy to see where the 10 year uptrend line falls on loss of the 50…Yup..1415!!! That’s reality of just how insane the 8.7 years have been! Not only is 1,415 10 year support, but its considered a healthy restest of the entire 666-2502 10 year range…This chart says loud and clear over 2,500 sell! Sell!! Sell! and sub 2,056 extended bear market to most likely 1,415!!! Yes..all of Obama erased and then some…
More to come….