June Turns Sour | Stock Market Investing

Wednesday, June 4, 2008 | Home | Andy Mayo

The happy ending in May has turned rapidly sour in June.  Short-term charts show some negative patterns for both the S&P 500 and the Dow Jones Industrials and for Emerging Markets (EEM).  Small caps, however, continue to inch up, battling to cross, and stay over, their long-term moving average.

So the Bear still rules.




In another Bear market, the Dollar appears ready to rally -- the US Dollar Index closed at 73.49 today.  A breakout is signaled with a close above 73.50.  Although that remains far below a reversal in the dollar's long-term downtrend, which began back in 2002.



At the same time, the Yen appears ready to hit the skids, closing below a well-formed head and shoulders pattern.  This, presumably, bodes well for US stocks.

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