Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
The very choppy action continues today. After a small gap up, and then sharp rally in the first 30 minutes, it’s been selling the rest of the morning. As you can see with the dotted line below this week’s pullback has the S&P 500 flirting with the highs on May 22nd which was the day of the infamous Bernanke “we might pullback QE at some point in our lifetimes” speech. Since early July this market has been content to flop around like a fish. We also saw a bearish MACD crossover in late July, followed by a quick bullish crossover last week but now back to bearish. It is not unusual to see this type of thing happen as you can see in March thru April below. In fact the action in the index is also similar to that time frame of indecision.
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