zerohedge.com,In this week's update on technical chart formations, Goldman's John Noyce has nothing optimistic to tell clients. Noyce observes that while the market may have entered a short-term consolidation period with the 1,038-1,045, "looking further out the setup on the weekly charts of the S&P and the VIX, plus those for broader asset markets - fixed income in particular – make us think that a sustained bounce is unlikely and that broader risks remain on the downside." Yet the most interesting chart formation is the imminent flattening of the 2s30s... not here, but in the UK. Will the Julian Robertson "suicide" trade shift across the Atlantic?
And other key observations on the SPX:
The setup on the weekly chart still looks very heavy - The market moving lower following the bearish weekly reversal which was posted two weeks ago:
- As discussed previously this was the third bearish weekly reversal pattern posted this year. Each one being posted from a marginally lower high (January 1,150, June 1,131 and August 1,129). This seems to be a signal that the market has lost the momentum associated with the ‘09 uptrend. (more)
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