The Last Time This Happened It Preceded The 2008 Financial Collapse
KingWorldNews.com
May 10, 2017
With oil rallying and the Dow near the 21,000 level, Doug Kass just issued this dire warning.
New Highs but No Follow-Through
By Andrew Adams, at Raymond James
May 10 (King World News) – The S&P 500 looked as if it was going to make a big move yesterday morning, hitting a new all-time intraday high in the first hour of trading. However, in what was admittedly some pretty poor technical action after that, the index struggled to build on that breakout and ended the day beneath the closing prices of the last two sessions. I included the chart below last week, and those red resistance lines seem to still be acting as some selling pressure. Now, the next couple of days become important, as ideally we do not trade back below the low from last Wednesday (2379). And obviously another breakout to new all-time highs that helps distance the index from the recent trading range is what we want to see on the upside.
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