[Market Outlook] The Chop Continues

The Chop Continues

Markets continue to chop during this seasonally weak period and have made no progress over the past 30 days. Price patterns of the key US Equity indexes are holding up at key moving averages, but there are signs of stress that should not be ignored.

Small Caps (Grandpa Russell: IWM) which represent the broadest measure of the US economy touched the lowest levels of a 7-month trading range, and was down almost 2% for the week. Other signs of stress include poor momentum readings, weak Risk Gauges, rising Hindenburg Omen levels (see chart below and weekly highlights for details), and sector rotation showing risk off as utilities (XLU) hit new all-time highs. Click the link below for the Hindenburg Omen chart, weekly market highlights and the weekly VIDEO analysis! Click here for the Free Video and Market Highlights Click here for the Premium Video and Market Highlights Best wishes for your trading, Keith Schneider CEO MarketGauge

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