Divergences Amid the Deluge
- Posted by Robert Sinn
- on May 30th, 2012
Markets have been hit with a deluge of ugly news this morning, even the one piece of somewhat positive news (the EU Commission’s statement that it “was willing to envisage a banking union”) was quickly downplayed and sold into. Despite this deluge of negativity as $EURUSD and US Treasury yields make new lows virtually every minute I noticed something interesting – US equities ($ES_F $IWM $QQQ $SPY) are still well above their May 18th lows and the $VIX has not made a higher high….yet:
$SPX 5-hour
The S&P 500 may very well be in the process of forming a bear flag from which it will soon break down, however, during tumultuous market periods it is important to maintain a level head and look for clues/divergences amid the mayhem and noise.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Robert Sinn is a professional trader and market analyst who focuses on multiple asset classes including equities, futures, options and currencies. He integrates fundamental and technical analysis. More »
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