2016/05/01 TrendView VIDEO: Special 3 - Weekend
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TrendView VIDEO ANALYSIS & OUTLOOK: Weekend, May 1, 2016 (weekend)
Anyone who has not already read Thursday morning’s Special Alert: Equities Critical should do so right away.
This Special 3 - Weekend edition of the TrendView video analysis is purposely to update the only three situations which seemed more important than any other markets after Friday’s US Close rang down the curtain on last week’s very important macro-technical developments. On the ‘macro’ front the last week of April’s important data and almost final corporate earnings were important.
Yet even more critical was the decision on whether the central bank influence was still sufficient to buoy US equities at the top of a very significant rally. That was accentuated by June S&P 500 future selling off from 2,103-10 two weeks ago after what was a still very accommodative ECB press conference, with even more ineffective central bank influence on the BoJ’s refusal to dive deeper into NIRP (Negative Interest Rate Policy) on this week Thursday morning. And the late week market failure was after a still very accommodative FOMC statement on Wednesday afternoon. The short-term Evolutionary Trend View is amply illustrated by the initial upper left chart, with its DOWN Breaks from multiple projections up near the 2,078 area. And while those are indeed short term, they are very near the far more major 2,078 major weekly channel UP Break that appears to be failing.
This is all that much more important in the context of other extensive background factors which indicate the potential for recent aggressive trend reversals to repeat if US equities weaken much further from current levels. All that additional background is available in previous posts, and we refer you back to those rather than attempt to repeat that here. And the activity in other asset classes was most prominent in foreign exchange, where US Dollar Index violated the .9325 Tolerance of important .9400-.9350 support. Yet that was not on typical euro strength, but sharp weakness of USD/JPY after BoJ’s ‘no action’. And that rounds out the three markets that required further video analysis where most were still very consistent with Friday morning’s Global View TrendView video analysis.
However, the Market Observations write-up below that video analysis reflects all of the current technical trend evolution for the three markets covered in this analysis as well.
Video Timeline: It begins with macro (i.e. fundamental influences) discussion of how the ineffectiveness of central bank QE and very low interest rates are now a real problem along with a brief mention of how the US economic data remained weak on Friday.
It moves on to S&P 500 FUTURE short-term at 03:30 and intermediate term at 08:00, the US DOLLAR INDEX at 10:45, USD/JPY at 12:45 and return to S&P 500 FUTURE at 14:15.
Authorized Gold and Platinum Subscribers click ‘Read more…’ (below) to access the balance of the opening discussion and TrendView Video Analysis and General Update. Silver and Sterling Subscribers click ‘Read more…’ (below) to access the balance of the opening discussion. Read more...