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On to charts: The $SPX broke out of its recent range despite weakness in small caps and a negative $NYAD reading. No worries though as global markets are in a melt-up phase showing charts outside their monthly bollinger bands in largely unprecedented fashion. Central bank QE programs are clearly working in lifting asset prices. Whether these type of price movements are resulting in capital dislocations of consequence remains to be seen, but historically these type of stretches have been followed by rather aggressive reversals. As all risk has apparently been eliminated from markets participants keep buying with no fear. For now.
By comparison the US looks rather tame at the moment:
Categories: Daily Market Brief