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S&P 500: 2011 ‘Comp’ Back in Play

Sometimes simpler is better. For months now, and right through the Brexit drama we have been noting simple technical and fundamental items like a NYSE breadth ramp up (see bottom panel of chart in this post), key lateral support levels that have held, the ramp up in Semiconductor manufacturing equipment, the elevated ‘prices paid’ by US manufacturers in recent ISM reports and this little technical specimen right here; the negation of the moving average cross on the weekly S&P 500 chart.

We had all the (backward looking) reasons why the stock market was over valued, the economy was sputtering and...