Click to enlarge.
Paradoxically, it is bad economic news that caused the markets to rebound, and, apparently, right out of the downtrend. Poor figures led to the FED announcing that the interest rate hikes will be slowed for the rest of the year, and this led to the rise in share prices as money headed back to shares rather than bonds. We may, however, now be at a peak, from which prices will drop again. I will watch and see which of the purple trend lines give way: the Resistance Line to indicate a reversal of the downtrend, or the Support Line to indicate its continuance.
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