Let’s face it: Tuesday was a throwaway day. The Dow Jones Industrials climbed 0.0091% Hey, if I’m going to pick a day to have some serious downtime, I didn’t do too badly, did I? Anyway, Wednesday will be, for better or worse, vastly more dynamic, so here are a few key charts with some remarks beneath each.
Total failure to launch. Hence the post title. And the crummy results from the likes of CRWD and NTAP won’t help.
Same idea. The big question in the weeks ahead is whether or not Nasdaq 100 can break that long-term trendline that goes all the way back to 2009.
The S&P 100 has not violated its descending trendline, and the steady series of lower lows and lower highs is fully intact for the bear market (which is just over a year old).
The S&P 500 is exactly the same situation. The focus for me today is whether we can break that short-term ascending trendline. Powell’s speech should wrench us out of this malaise.