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fair go, the failure to break through the blue rectangle was crucial for further downside. Now looking for resistance (sellers to step back in) and the most likely area is just before the red 29400 de

That is the 50% retrace for  the Dow and S&P. 

Interesting S&P daily shaping up 👇

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6 minutes ago, razz said:

Finding it hard to justify current Dow levels. Any thoughts?

justifications don't come into it, it's purely a reflection of sentiment for the near future according to peeps with a lot more money than us spent on research giving results we will never see, that's not to say they're always right, they just usually are 🙂

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36 minutes ago, razz said:

Finding it hard to justify current Dow levels. Any thoughts?

Here is an old quote. “Markets can stay irrational longer than you can stay solvent.”  - John Maynard Keynes... and one of my all time heroes of economics. 

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Expectations were quite low for this session with the U.S. closed for Independence Day and so far, rightly so.

Tepid, lukewarm, half-hearted? There are many ways to describe the open 30 minutes after which the STOXX 600 was up about 0.1%.

The upbeat mood in Asia hasn't spread in Europe to say the least.


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While Wall Street and Europe seem to be losing some steam, the S&P did manage to end this four day week with a 4% rise, the fourth best weekly performance in a year.

And yet investors are selling into this rally. Data from BofA this morning shows that money is being quickly pulled for equity funds: $1.3 billion from Europe and a second consecutive week of U.S. outflows (-$4.8 bln).

As you can see from their chart the picture for institutional investors doesn't chime with the upbeat sentiment of retail investors on Wall Street.

It actually rather echoes the reports of "smart money" scratching its head and waiting on the sidelines for markets to come down back in line with fundamentals.


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