Market Summary

In the image below I consider the Weekly chart the long term view, the Daily chart the intermediate view and the 240 and 60 minute charts the short term view. Not a good week in the market last week. We are in the red on the short term but green on the long term and just barely green on the intermediate. We are about to roll over on the intermediate term. Is this just a small pull back or the beginning of a larger correction is the question. We will have to wait and see. Click on image to enlarge.

The clear winner in these markets year-to-date is the EEM emerging market etf up 45 percent. As it has been leading to the upside keep an eye on this one to see if it leads to the downside. Click on table to enlarge.