While most were gathered around the dinner table enjoying a Thanksgiving meal, Dubai was attempting to stall debt payments on their $59B obligation sparking a nasty sell off across global markets.
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On Monday the S&P broke out to fresh highs, only to retreat and fall back into the multi-month base we’ve been discussing. With key sectors underneath looking vulnerable we find ourselves at yet another crossroad regarding market direction.
Participants were whipped around on Thursday’s as markets shook lower by close to 2%. Technically the recent break from consolidation is now a failure and further downside may ensue.
After a brief respite Quint is back in the saddle and kicks off tonight’s Tape Talk with a bang. Charts are now digesting the latest break and possibly preparing for another leg higher.
While the market digests its recent run and prepares for its next advance, Quint takes some time away with the family.
