2024-02-09 11:08:00 ET
Summary
- Poor market breadth is not the only measure of market internals which investors should be cautious of at present.
- Based on the latest Quarterly Refunding Announcement from the Treasury, the short-term issuance outlook is not necessarily bearish as the Treasury only marginally reduced its planned proportion of Bill issuance for the coming quarter.
- The S&P 500 looks to be forming an ascending wedge pattern, one that is generally considered a reversal technical pattern.
Stock market internals are weakening by the day
As detailed in my recent piece covering the outlook for the S&P 500, I remain fairly cautious toward equities over the coming months. Since laying out my thesis on how we may be nearing a market top, many of the key indicators and metrics to which I came to such a conclusion have only worsened. Some markedly so....
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For further details see:
Warning Signs For The Stock Market