Comments - Global Markets Teeter Precariously on the Edge - BullBear Trading: Stock and Financial Market Technical Analysis2024-03-29T11:23:51Zhttps://www.thebullbear.com/profiles/comment/feed?attachedTo=3301355%3ABlogPost%3A37715&xn_auth=noUPDATE:
Looking around at th…tag:www.thebullbear.com,2011-06-22:3301355:Comment:378462011-06-22T22:38:00.160ZSteven Vincenthttps://www.thebullbear.com/profile/TheBullBear
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<dd><div class="description xj_comment_editor" id="desc_3301355Comment37838"><p>UPDATE:</p>
<p>Looking around at the world markets and various asset classes, I continue to see a very dangerous setup unfolding. Grains broke major support today and many, many markets continue to teeter weakly just above hugely significant long term support. Failures could start to happen at any time and begin to cascade, but virtually no one seems to see it. The…</p>
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<dd><div class="description xj_comment_editor" id="desc_3301355Comment37838"><p>UPDATE:</p>
<p>Looking around at the world markets and various asset classes, I continue to see a very dangerous setup unfolding. Grains broke major support today and many, many markets continue to teeter weakly just above hugely significant long term support. Failures could start to happen at any time and begin to cascade, but virtually no one seems to see it. The situation really is that dangerous, made all the more so by a generalized complacency.</p>
<p>We have started to see the breaks: Grains, Apple, China, India, Crude Oil. With regards to the recent bounce, it has largely been confined to a few markets, mostly US, and many many markets have barely participated. The rally has also been on weak volume and questionable technical quality.</p>
<p>Unemployment Claims in the morning could be the catalyst to tip things over the edge. But while the high for this correction could already be in, strictly speaking there should be one more high to the 1300-1305. The top could be in already, with the recent rally another "one day wonder" that fails immediately. A review of the technical charts doesn't really tell us whether the corrective rally is over, but it certainly is possible. The wave structure is arguably right. Here's the 4 hour bar chart:</p>
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<dd><div class="description xj_comment_editor" id="desc_3301355Comment37844"><p><a target="_self" href="http://storage.ning.com/topology/rest/1.0/file/get/54229026?profile=original"><img class="align-full" width="721" src="http://storage.ning.com/topology/rest/1.0/file/get/54229026?profile=RESIZE_1024x1024"/></a>Here's the daily chart:</p>
<p><a target="_self" href="http://storage.ning.com/topology/rest/1.0/file/get/54229157?profile=original"><img class="align-full" width="721" src="http://storage.ning.com/topology/rest/1.0/file/get/54229157?profile=RESIZE_1024x1024"/></a>Price glanced off the lower end of resistance zone and 20 EMA and reversed sharply. Target is a Fibonacci cluster in the vicinity of the November and April 2010 highs.</p>
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