Courtesy of Chris Kimble.
Consumer Confidence of late has continued to move higher, now reaching above the highs hit back in 2007. Long-Term S&P 500 returns are far below historical norms, when confidence is this high. We are not saying that high consumer confidence means the market is at a top!
Below is a look at the Advance/Decline line on a short-term basis.
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Joe Friday Just The Facts; It could be important for support to hold, of this bearish rising wedge above.
This A/D support line could be all the more important that it holds, due to the tests taking place below
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Let’s be clear about this, all four indices above find themselves in rising trends and nothing has taken place to change that trend. Breakout attempts by each are in play. If you believe in trends (which we do). Breakouts could take place at these levels and if they do, it would send a very positive message to the risk on trade and it should attract buyers.
On the flip side, this is NOT a place that the risk on trade would want to see the A/D line break support or selling take place at the top of these channels above!
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