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Market Lab Report - Premarket Pulse 7/31/18

Futures are attempting to bounce at the time of this writing. The NASDAQ Composite closed near its 50-day moving average, off the lows of the day, as it attempted to use its 50-dma as support. As the chart below suggests, the question is whether we will bounce again today or whether a deeper correction is in the offing.

The global QE effect along with Trump's policies which favor stocks suggests a continuation of what the US market has enjoyed overall since 2009. Nevertheless, one should never be lulled into a sense of complacency as the markets inevitably WILL succumb to the effects of mass QE together with the US Federal Reserve continuing to tighten. Add in the trade wars as well as the numerous unhealthy technical aspects of this ageing bull such as the number of individual stocks participating in market advances that continues to diminish as well as divergent leadership showing a large number of stocks simultaneously hitting 52-week highs and lows, and you have a recipe for a potentially deeper correction, even beyond what we have observed so far since QE began in earnest in 2009. Also keep in mind the US markets twice earlier this year had substantial corrections due to the issues of higher rates.

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