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fib_1618

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US Equity Markets:

The NYSE composite A/D line continues to inch its way higher on a regular basis, while the price pattern of the S&P 500 is now within 40 points of reaching its upside measuring objective. Steady as she goes.



The NYSE common only A/D line also continues to chop its way higher, but still remains below its May snapback highs. The Dow Industrials have now rallied back above its rising trend channel seen on the chart, has performed a simple snapback test of the lower trendline, and then weakly moved to a higher high on Thursday.



The NYSE preferred only A/D line continues to maintain its rising structure within its intermediate term trend channel. The New York Composite Index is now within 400 points of reaching its upside price objective given 3 weeks ago.



US Interest Rates:

The NYSE Bond CEF A/D line has been moving horizontally for the last 2 weeks, but remains comfortably within its longer term rising trend channel. The yield on the 10 year note is again testing its declining tops line, but overall, one should expect yields to stay in and around these historic levels as long as the upward trend of this A/D remains intact.



US Real Estate:

Both the NYSE REIT A/D Line and the REIT price pattern continue to move in sync with each other, but prices have again taken the lead for the near term. A short term reset would now be expected to bring this breadth to price configuration more in line to a more healthier advancing price structure.



Precious Metals:

With the Precious Metals A/D line finding intermediate term overhead resistance last week, both it and XAU A/D line pulled back last week. The Precious Metals A/D line found initial support off its previous lower degree overhead resistance line, while the XAU A/D line broke below its short term rising bottoms line. With both the price of gold and the XAU price index remaining above their rising bottoms lines, taken together, this would suggest that this sector is now in a correctional phase that should last minimally for another couple of weeks.






Australia:

After the XAO A/D line finally reached its 2nd declining fan formation line last week, breadth of market turned lower. Meanwhile, prices of the XAO remain locked in a horizontal trading range. Until this A/D line can break above this same resistance line shown on the chart, it will be highly difficult for the price pattern to make any further recovery gains without a large amount of effort in doing so.



England:

The FTSE cumulative A/D line continues to make new 3 year recovery highs, and it's now less than 400 data points from its all time highs. Although still below its April price highs, this ongoing bullish behavior in the breadth data should allow the FTSE price pattern to reach its measuring objective shown on the chart in the not too distant future.



Germany:

As the DAX price pattern has shown our expected vigorous upside breakout out of its symmetrical triangle, although constructive, the DAX cumulative A/D line continues to lag this bullish progress causing near term "trend divergence". The bulls will want to see the price pattern perform some sort of snapback to or towards last weeks breakout area, while at the same time, this A/D line should to continue to show a pattern of bottoms above bottoms in preparation of taking a leadership role for the ongoing health of this same price pattern breakout.




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