Right. On. The. 200 DMA

by Chris

Okay, 0.5 points under the 200 dma.  So the bears got a slight victory here?

Not really.

For what it’s worth, there are tons of troubling economic signs around the world, and plenty to suggest that the bull case here in the US has to rest too much (entirely) on official central bank actions and interventions.

For example, here’s what the financials and autos look like in Europe:

Both are now in bear markets.  Neither looks very good.

It’s getting increasingly difficult to argue the bull case…but there has been much overnight support of things and we can expect all that to continue, I suppose.