I thought I would just show a quick comparison of how the $SPX weekly chart looked at this time in 2007 as compared to right now. The only real difference was that the MACD was crossed down then. It is crossed up on the current chart. Pretty much everything else is the same. As I said is previous posts we have a lower weekly high. The lower weekly high lower low in 07 was confirmed in December. The real tuning point came after Thanksgiving weekend. It is going to be very interesting to see what happens this December. No doubt what happens will largely depend on the FOMC. I am quite sure they will be looking at the retail figures very closely. Anyway, I doubt there will be a lower weekly low by this December but you never know. A lot can happen between now and then.
$SPX weekly chart 2007 compared to now. Notice that there is a lower weekly high and the kijun sen is flat as it was then. I don't believe there can be a lower weekly low until the MACD crosses down.
This JNK v SPX daily chart is showing that JNK found support at the October low but since the Paris attack the divergence is wider now than it has been in six months. I expect this gap to close one way or another. Just have to see how it plays out.
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