Friday, November 11, 2016

MTU Weekend Ed. - Post Election Rally (11/11/16)

Stocks rallied strongly following the U.S. election, so far following the their historical decennial pattern tendencies (Chart 1). In fact, the Dow made a new record high in just three days and the new high is yet to be confirmed by other benchmark indexes (Chart 2).

The rally in SPX took place after SPX had successfully retested its 2015-2016 resistance(Chart 3). Despite the rally this week, SPX did note register a breakout of its 2016 resistance and closed the week below that resistance line. At a smaller degree, SPX is probing the blue breakout line in Chart 4 for potential support. Chart 4 also presents key intermediate term bull/bear tracking.


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