I don't have much to say about the markets (as of Wednesday's close), except to note that the World Market Index (50-day MA and 1900 near-term support level) and the SPX:VIX Ratio (200 price level) are, once again, at/near their respective inflection point.
Downtrending technical indicators are not (yet) supportive of continuing strength in these equity markets and may be signalling that longer-term weakness is ahead, as I mentioned here.
Perhaps we'll get a clearer picture of direction after the conclusion of this week's Jackson Hole meeting.
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