One of the problems with yesterday's rally was the overall light volume. Deron Wagner continues to see a bearish volume pattern over the next few weeks, as heavy volume-down days are followed by lighter volume-up days.
The S&P 500 registered an inside session in trading on Monday and the pattern suggests that there is a probability that there could be further testing of the downside in coming sessions, and the 1170 area is a plausible target for the bears to want to test.
Right now, the US Treasury market is out of whack. It’s been going up since 1983. And now investors lend money to the world’s biggest debtor at what are historically very low interest rates. And they do this at a time when that debtor has begun the biggest borrowing and spending spree in history. This is not normal. It’s downright weird.
The stock market indices started the week off with a bang reversing Friday’s sell-off, and after a late morning pullback held support they took off and ran sharply higher.
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