The Medium-Term Trend - Wednesday, April 12

Good news. It looks like stockcharts.com has restored the indicator, !PMOBUYALL.

I believe a new short-term down trend started today.

Here is a look at the medium-term cycle. The down trend started March 21.

This index has had a really good run, and it has been the leader of the entire market. But it looks like it is now going to retreat a bit.

The Leader List

Rotation is definitely taking place in the market towards the defensive areas and away from the cyclicals.

Gold Miners, Treasuries, Staples joined the leaders.

Materials and Semiconductors quit the leaders. 

Here is a look at TLT which is showing a very nice price pattern.

If you are a bear on the US Dollar, this chart supports your view.

US stocks are starting to under-perform the global market. (This chart was originally posted by Martin Pring a few weeks back.)

I just read in Briefing.com that the dollar was doing well today until Trump mentioned again that the dollar is too strong. The dollar sold off and foreign ETFs went higher.

In this chart I see a broken trend line, a lower high, a lower low and a retrace to the trend line that turned what was support into resistance.

Outlook

The long-term outlook is positive. 
The medium-term trend is down as of March 21
The short-term trend is down as of April 12 

Disclaimer: I am not a registered investment advisor. My comments above reflect my view of the market, ...

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