Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, sent to King World News an extremely important note about the stock market break today.
Major Break
May 6 (King World News) – Michael Oliver, Founder of MSA Research: We showed this set of stock market charts in the weekend report, but there we used the NASDAQ 100. That index also did what the S&P 500’s action did today: it rolled over enough to break the integrity of the daily momentum uptrend since that expected bounce-point low early last month.
KING WORLD NEWS NOTE: Today The Stock Market Saw An Important Break Below An Important Trendline
Does this mean disaster and no more rallies? No, but it does argue that the direction of the zigzags is more likely to be down rather than up.
ROC means daily rate of change in the 3-day moving avg. itself (the red line overlaid on price). It will sometimes develop very clear structures, especially if they involve three waves in one direction, as this one did. Also note that that last up wave in price was not matched a new high in momentum. A negative hint.
Breakage occurred today. … This is a very important report where Oliver issued key updates for gold and the stock market. You must subscribe to Michael Oliver’s MSA Annual Service to get this special report as well as his stock picks which have dramatically outperformed the XAU. MSA also lists individual mining stocks in their reports that significantly outperform the HUI Gold Mining Index. To receive the special KWN discount to subscribe to Michael Oliver’s internationally acclaimed MSA Annual Research and gain access to their research and stock picks CLICK HERE.
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