This looks like the SPX Election Rally – but without the pullback I wanted beforehand.
Therefore the postponed correction when it happens, will be WORSE.
Has taken longer than expected but SPX daily chart bearish topping process strengthens further today. Bring on the very overdue Wile E. Coyote sell off.
GOLD daily chart bearish megaphone wedge still indicates big move ahead.
SPX etc protracted topping process now results in choppy downtrend on daily chart developing.
Risk of Wile E. Coyote equity/commodity/precious metals sell off continues.
Bearish GOLD & SILVER daily charts have not participated in recent SPX / EURUSD rally.
CRUDE OIL hasn’t either.
This divergence is a warning for equities.
As mentioned Oct 15 on blog - days before premature earnings release sell off - GOOGLE daily / weekly / monthly charts are overextended & significant correction expected.
Conflicted equity / USD / EURUSD markets and lack of consensus gets worse and worse.
Consensus will only return with the overdue Wile E. Coyote equity sell off and USD rally.
Despite recurring short squeezes – which artificially propels the market higher and causes further instability – these daily charts continue to break down :
SPX / CRUDE / COPPER / GOLD / SILVER / EURUSD