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Talking Points:
• The S&P 500 and Dow - bulls' stalwarts - broke defining trendlines to close the week
• Evidence that a systemic change in sentiment is taking place is materializing far and wide
• Equities Yen crosses the Euro and the Dollar are appealing trade opportunity for different reasons
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Has the market finally turned In an unusual week-ending move the S&P 500 and Dow Jones Industrial Average broke trends that have come to symbolize the bullish ranks' enduring optimism...or their effective complacency. Alone this would signal a threatening correction to one asset type in one region. However US equities were merely the hold out to a deteriorating backdrop of sentiment measured in many other market arenas (volatility FX high-yield etc). Full scale risk aversion would catalyze a situation made unstable by leverage participation and the level of exposure; but can we call this the turn What setups are better suited to a waver and which to full-scale risk aversion We discuss this in the weekend Trading Video.
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