Deron Wagner sees strong support at the lows on the weekly chart of the small-cap Russell 2000 but is still waiting for a convincing surge through the 10-week moving average before turning bullish.
The fact that the Japanese yen is strengthening quite considerably and approaching a test of the fairly critical level around 90.40 suggests that today could be quite consequential for US equities and risk assets in general.
Now that we've figured out how history works, we’re begging to see the forces of history at work all around us -- an eternal fight between the zombies and the producers.
The stock market indices suffered a very nasty reversal for Monday and closed not far off the session lows. Only a last 15-minute snapback rally brought the indices off the afternoon spike lows.
The iShares 20+ Year T-Bond ETF (TLT) has recovered sharply from this morning's plunge, which more than any other market is warning us that perhaps the clamor to get back into riskier assets based on the yuan story is overblown.
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