Time to zoom out to a bigger perspective, I think.
We have our ever-reliable Big Chart and our 5% levels and, as I had noted Tuesday morning, we're not very impressed until and unless we retake our strong bounce levels and, so far, we're rejected at our WEAK bounce levels across the board. As I said on Tuesday "Anything less than strong bounces on the day will keep us on the bearish side" and we did get nice bounces on Tuesday – but they didn't last 24-hours.
- Dow 14,660 (weak), 14,700 (strong)
- S&P 1,560 & 1,570
- Nasdaq 3,220 & 3,240
- NYSE 9,010 & 9,070
- Russell 915 & 930
- Transports 5,960 & 6,120
- SOX 425 & 428
That's keeping us nervous and the VIX is nervous too, at 16.51 but that's nothing compared to real panic (mid-20s) and TLT is "only" 122.79 – not too many people panicking into 1.8% bonds either – although in Germany they're getting 1.3% and Japan is still under 1%, even with the Yen devalued by 20% since November. The BOJ plan is to PUNISH savings while the US policy is more like actively discouraging it and, in Europe – they just take it from you. All achieve the same ends – it's just the means we quibble over. Speaking of the rest of the World, let's check out the Multi-Chart:
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