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Stocks Have Partied Hard Since Election Night... Now Comes the Hangover


 -- Published: Thursday, 23 March 2017 | Print  | Disqus 

By Graham Summers

The market is now on very thin ice.

Yesterday worked off some of the “oversold” status for stocks, but we are in extremely dangerous territory today.

The S&P 500 has taken out critical support (red line) as well as the bull market trending running back to early November (blue line).

http://goldseek.com/news/2017/3-23gs/image002.jpg

More concerning for the bulls: bank stocks, which lead to the upside, are now leading to the downside. It looks as though the ENTIRE move in the markets since election night is going to unwind.

http://goldseek.com/news/2017/3-23gs/image004.jpg

This is a major wake up call, I hope you’re paying attention. The markets have rallied on hype and hope of the economy roaring back to life... but that's not coming for another 12 months (at the earliest.

Stocks partied hard starting election night. Now comes the hangover.

Best Regards

 

Graham Summers

Chief Market Strategist

Phoenix Capital Research

 


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 -- Published: Thursday, 23 March 2017 | E-Mail  | Print  | Source: GoldSeek.com

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