The Ugliest Stock Chart of July 2017

by John Galt
July 30, 2017 20:10 ET

Uglier than Rosie O’Fat’s wedding kiss?

Yup:

It has not broken any long term support levels yet, but if there are more weeks like the last one on increased volume, then odds are we will break support and indicate that a major divergence has been validated and a key market reversal has begun. The next 90 days (hmmm, where have I heard that) could be super dangerous for equity traders as the proverbial “Black Swan” is now flying all over the algo houses of Wall Street depositing their droppings on their brand new Saabs.

Buckle up and watch the 8700-8800 level on the Dow Transports to see if the break illustrated above validates a major move in market and economic sentiment.

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