Speculating On The U.S. Market In 10 Charts

In Marketfield Asset Management’s most recent Weekly Speculator report, analyst Michael Shaoul assesses the state of the U.S. equity and commodity environment by taking a look at 10 telling charts. Here’s a breakdown of what Marketfield had to say about each chart.

The bull market in the S&P 500 appears to be on hold for the time being, as the index has been range-bound since the end of February. Until the index breaks above 2130 or below 2040, the next major directional move will remain hard to predict.

The Nasdaq continues to show relative strength compared to the S&P 500, and Marketfield sees support for the index at 4500 and 4350.

While the S&P 500 and Nasdaq were both recently able to establish new higher lows, the Russell 2000 broke below its May lows and is now looking vulnerable to a move lower.

While the S&P 500 has been confined to its narrow trading range, the volatility index’s recent breaches of its trading range demonstrate…

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