Further to my post of January 27th, the Momentum indicator on the following 3 Daily ratio charts shows that fear has continued to accelerate in comparison with the SPX, RUT and NDX Indices, even though price hasn't yet broken and held below their major support levels.
A failure of these markets to hold and snap back at the current level would see a continued rise in momentum and could send them into a much deeper correction territory.
A failure of the following Daily ratio chart of TNX:SPX to rise and hold above what appears to be a fairly critical 0.015 major support level (and possible Head & Shoulders neckline), could send 10-Year Treasury Notes much higher in an investor "flight-to-safety" scenario, if the above 3 Major Indices fail to rally. If the Momentum indicator rises and holds above the zero level on this ratio chart, we may see some stability enter these indices...whereas, a break and hold below its last pivot low could spell trouble for these markets.
These are 4 charts worth monitoring over the coming days/weeks as one gauge of where (and how fast) investor money is flowing.
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UPCOMING (MAJOR) U.S. ECONOMIC VENTS...
* Fri. Apr. 19 ~ U.S. Markets Closed for Good Friday holiday
* Wed. Apr. 24 @ 3:30 am ET ~ German Flash Manufacturing PMI (watch for a hold below 50)...N.B. Jan. 24 PMI came in at 49.9, Feb. 21 PMI came in at 47.6 & Mar. 22 came in at 44.7 (contraction mode deepens!)
* Wed. May 1 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. May 3 @ 8:30 am ET ~ Employment Data
* Fri. May 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. May 15 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. May 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. May 29 @ 2:00 pm ET ~ Beige Book Report
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NOTABLE POSTS WITH IMPORTANT UPDATES...