{"id":39799,"date":"2017-06-21T01:37:07","date_gmt":"2017-06-21T08:37:07","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=39799"},"modified":"2017-06-21T01:37:07","modified_gmt":"2017-06-21T08:37:07","slug":"t2108-update-170620","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/21\/t2108-update-170620\/","title":{"rendered":"Above the 40 (June 20, 2017) &#8211; Buyers Fail to Follow-Through As the S&#038;P 500 Goes On Notice"},"content":{"rendered":"<p><strong>AT40<\/strong> = 52.8% of stocks are trading above their respective 40-day moving averages (DMAs)<br \/>\n<strong>AT200<\/strong> = 56.3% of stocks are trading above their respective 200DMAs<br \/>\n<strong>VIX<\/strong> = 10.9 (volatility index)<br \/>\n<strong>Short-term Trading Call<\/strong>: cautiously bullish<\/p>\n<p><strong>Commentary<\/strong><br \/>\nThe Fed hikes short-term rates, and long-term rates go down. This relationship is not the expected one but is the consistent one. Last year, the iShares 20+ Year Treasury Bond (TLT) reached an all-time high after the Fed started its tightening cycle in December, 2015. Tuesday&#8217;s gap up confirmed <a href=\"http:\/\/drduru.com\/onetwentytwo\/2017\/06\/18\/t2108-update-170616\/\" target=\"_blank\">TLT&#8217;s 200DMA breakout<\/a> and could well be a fresh warm-up for a 2016-like run-up. It is time for me to get long again.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39801\" aria-describedby=\"caption-attachment-39801\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_TLT.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_TLT.png\" alt=\"The iShares 20+ Year Treasury Bond (TLT) confirmed its 200DMA breakout and another Trump trade is on its way to a full reversal.\" width=\"550\" height=\"534\" class=\"size-full wp-image-39801\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_TLT.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_TLT-300x291.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39801\" class=\"wp-caption-text\">The iShares 20+ Year Treasury Bond (TLT) confirmed its 200DMA breakout and another Trump trade is on its way to a full reversal.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>Of course, when TLT began its run-up in early 2016, it accompanied a steep plunge in the stock market as worries ran rampant that the bond ghouls were correctly anticipating some kind of economic calamity. While <a href=\"http:\/\/drduru.com\/onetwentytwo\/2017\/06\/18\/t2108-update-170616\/\" target=\"_blank\">the underpinnings of the market still look good<\/a>, I think it is wise to put the S&#038;P 500 (SPY) &#8220;on notice.&#8221;<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39803\" aria-describedby=\"caption-attachment-39803\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_SP500.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_SP500.png\" alt=\"The S&amp;P 500 (SPY) reversed by 0.7% and almost filled Monday&#039;s gap up.\" width=\"550\" height=\"512\" class=\"size-full wp-image-39803\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_SP500.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_SP500-300x279.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39803\" class=\"wp-caption-text\">The S&#038;P 500 (SPY) reversed by 0.7% and almost filled Monday&#8217;s gap up.<\/figcaption><\/figure><\/p>\n<p><figure id=\"attachment_39804\" aria-describedby=\"caption-attachment-39804\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_NASDAQ.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_NASDAQ.png\" alt=\"The NASDAQ - as well as the PowerShares QQQ ETF (QQQ) - reversed 0.8% and began a fill of Monday&#039;s gap up.\" width=\"550\" height=\"516\" class=\"size-full wp-image-39804\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_NASDAQ.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_NASDAQ-300x281.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39804\" class=\"wp-caption-text\">The NASDAQ &#8211; as well as the PowerShares QQQ ETF (QQQ) &#8211; reversed 0.8% and began a fill of Monday&#8217;s gap up.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>During Monday&#8217;s rally I took profits up on a few long positions, including my Apple (AAPL) call options. I decided to hold onto my QQQ call options. While I of course regretted that decision, I held the course and doubled down. Yet, with long-term rates tumbling and the Japanese yen (FXY) strengthening all over again (with a particular eye on a sell-off in AUD\/JPY), I married that purchase with a double down on my call options on ProShares Ultra VIX Short-Term Futures (UVXY). I am basically banking on QQQ or UVXY soaring at least one more time this week. <\/p>\n<p><center><br \/>\n<figure id=\"attachment_39805\" aria-describedby=\"caption-attachment-39805\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_VIX.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_VIX.png\" alt=\"The volatility index jumped 4.7% but remains in extremely low territory.\" width=\"550\" height=\"499\" class=\"size-full wp-image-39805\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_VIX.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_VIX-300x272.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39805\" class=\"wp-caption-text\">The volatility index jumped 4.7% but remains in extremely low territory.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>AT40 (T2108), the percentage of stocks trading above their respective 40-day moving averages (DMAs), lost enough to go negative for the week and close at a near 2-week low. This pullback indicated some strong undertow in trading. Retail and energy were certainly two sectors whose broad-based losses likely contributed to the heaviness. <\/p>\n<p><center><br \/>\n<figure id=\"attachment_39807\" aria-describedby=\"caption-attachment-39807\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XRT.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XRT.png\" alt=\"The SPDR S&amp;P Retail ETF (XRT) hit a new 16-month closing low with a 2.0% loss on the day.\" width=\"550\" height=\"531\" class=\"size-full wp-image-39807\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XRT.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XRT-300x290.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39807\" class=\"wp-caption-text\">The SPDR S&#038;P Retail ETF (XRT) hit a new 16-month closing low with a 2.0% loss on the day.<\/figcaption><\/figure><\/p>\n<figure id=\"attachment_39808\" aria-describedby=\"caption-attachment-39808\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_USO.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_USO.png\" alt=\"A new plunge in oil prices took United States Oil (USO) down to levels last seen in early 2016.\" width=\"550\" height=\"542\" class=\"size-full wp-image-39808\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_USO.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_USO-300x296.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39808\" class=\"wp-caption-text\">A new plunge in oil prices took United States Oil (USO) down to levels last seen in early 2016.<\/figcaption><\/figure>\n<p><figure id=\"attachment_39806\" aria-describedby=\"caption-attachment-39806\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XLE.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XLE.png\" alt=\"Buyers managed to pull the Energy Select Sector SPDR ETF (XLE) off its low and avoid a new 52-week low. Still, the downtrend for XLE remains well-defined and wickedly persistent.\" width=\"550\" height=\"521\" class=\"size-full wp-image-39806\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XLE.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_XLE-300x284.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39806\" class=\"wp-caption-text\">Buyers managed to pull the Energy Select Sector SPDR ETF (XLE) off its low and avoid a new 52-week low. Still, the downtrend for XLE remains well-defined and wickedly persistent.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>With Tuesday&#8217;s loss. crude oil completed a 20% loss from its last high. This move technically pushed oil into a bear market. The last time crude oil cross this bearish threshold, it promptly rallied. I have my finger on the trigger in preparation for a relief rally.<\/p>\n<p>Retail was hit by fresh headlines from Amazon.com (AMZN). The company&#8217;s plan to offer more innovations in the process of buying clothes spooked investors across the sector. Unlike Friday&#8217;s moves, AMZN&#8217;s giant sucking sound did produce gains although the stock did initially gap up.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39809\" aria-describedby=\"caption-attachment-39809\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_AMZN.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_AMZN.png\" alt=\"Suddenly, Amazon.com (AMZN) is having trouble hold the $1000 level.\" width=\"550\" height=\"508\" class=\"size-full wp-image-39809\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_AMZN.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_AMZN-300x277.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39809\" class=\"wp-caption-text\">Suddenly, Amazon.com (AMZN) is having trouble hold the $1000 level.<\/figcaption><\/figure><br \/>\n<\/center> <\/p>\n<p>If the market resumes its sprint this week, I expect AMZN to benefit. So I took advantage of this pullback to finally speculate on a call option.<\/p>\n<p>In early May, I took fresh note of Chipotle Mexican Grill (CMG) as <a href=\"http:\/\/drduru.com\/onetwentytwo\/2017\/05\/03\/t2108-update-170502\/\" target=\"_blank\">the market&#8217;s reaction to earnings seemed to confirm an on-going rally in the shares<\/a>. Fast forward to today: CMG has confirmed a 50DMA breakdown with a severe gap down that finished a reversal of late March&#8217;s breakout and tested 200DMA support. The catalyst was an update on guidance that I would have interpreted as a small &#8220;tweak&#8221; if I had not seen the market&#8217;s severe reaction and CMG&#8217;s subsequent 7.3% loss. Although the entire market is likely staring at that 200DMA support line, I decided to trigger my &#8220;buy the dip&#8221; trade on CMG one more time with a short-term call option. Note that CMG is well over-extended below its lower-Bollinger Band (BB).<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39810\" aria-describedby=\"caption-attachment-39810\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_CMG.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_CMG.png\" alt=\"Chipotle Mexican Grill (CMG) is a 200DMA breakdown away from returning to bearish territory.\" width=\"550\" height=\"506\" class=\"size-full wp-image-39810\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_CMG.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_CMG-300x276.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39810\" class=\"wp-caption-text\">Chipotle Mexican Grill (CMG) is a 200DMA breakdown away from returning to bearish territory.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>Finally, iShares MSCI Brazil Capped (EWZ) is back on my radar. <a href=\"http:\/\/drduru.com\/onetwentytwo\/2017\/05\/18\/trading-panic-rushing-past-exit-from-brazil\/\" target=\"_blank\">The plunge in EWZ a month ago inspired me to trigger my buying rule for the ETF<\/a>. EWZ&#8217;s sharp rally the following trading day contributed to what I called at the time the &#8220;<a href=\"http:\/\/drduru.com\/onetwentytwo\/2017\/05\/21\/t2108-update-170519\/\" target=\"_blank\">Nut Job Stock Market<\/a>.&#8221; EWZ lost 4.3% and looks ready to re-challenge the lows from May. With EWZ closing below its lower-BB, I am preparing to take another swing at the ETF.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39811\" aria-describedby=\"caption-attachment-39811\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_EWZ.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_EWZ.png\" alt=\"The iShares MSCI Brazil Capped (EWZ) has lost steam again. The ETF found picture-perfect resistance at its 200DMA.\" width=\"550\" height=\"521\" class=\"size-full wp-image-39811\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_EWZ.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170620_EWZ-300x284.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39811\" class=\"wp-caption-text\">The iShares MSCI Brazil Capped (EWZ) has lost steam again. The ETF found picture-perfect resistance at its 200DMA.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>Be careful out there!<\/p>\n<p>&#8212; &#8211; &#8212;<br \/>\n<center><br \/>\n<strong>FOLLOW Dr. Duru&#8217;s commentary on financial markets via <a href=\"https:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=onetwentytwo\" target=\"_blank\">email<\/a>, <a href=\"http:\/\/stocktwits.com\/DrDuru\" target=\"_blank\">StockTwits<\/a>, <a href=\"https:\/\/twitter.com\/DrDuru\" target=\"_blank\">Twitter<\/a>, and even <a href=\"https:\/\/www.instagram.com\/drduru_market_breadth\/\" target=\"_blank\">Instagram<\/a>!<\/strong><br \/>\n<\/center><\/p>\n<p>&#8220;Above the 40&#8221; uses the percentage of stocks trading above their respective 40-day moving averages (DMAs) to assess the technical health of the stock market and to identify extremes in market sentiment that are likely to reverse. Abbreviated as AT40, Above the 40 is an alternative label for &#8220;T2108&#8221; which was created by <a href=\"http:\/\/www.worden.com\/CURRENTAFPROMO.aspx?AFCODE=866\" target=\"_blank\">Worden<\/a>. Learn more about T2108 on my <a href=\"http:\/\/drduru.com\/onetwentytwo\/about\/t2108-resource-page\/\">T2108 Resource Page<\/a>. AT200, or T2107, measures the percentage of stocks trading above their respective 200DMAs.<\/p>\n<p><strong>Active AT40 (T2108) periods<\/strong>: Day #339 over 20%, Day #153 over 30%, Day #20 over 40%, Day #7 over 50% (overperiod), Day #2 under 60% (underperiod), Day #99 under 70% (corrected from June 9, 2017 post by doing complete recount!)<\/p>\n<p><center><br \/>\n<strong>Daily AT40 (T2108)<\/strong><br \/>\n<a href=\"http:\/\/www.drduru.com\/money\/charts\/T2108-daily_s.png\"><img loading=\"lazy\" decoding=\"async\" title=\"T2108 (DAILY)\" src=\"http:\/\/www.drduru.com\/money\/charts\/T2108-daily_s.png\" alt=\"\" width=\"500\" height=\"350\" \/><\/a><\/p>\n<p>Black line: AT40 (T2108) (% measured on the right)<br \/>\nRed line: Overbought threshold (70%); Blue line: Oversold threshold (20%)<br \/>\n<\/center><\/p>\n<p><center><br \/>\n<strong>Weekly AT40 (T2108)<\/strong><br \/>\n<a href=\"http:\/\/www.drduru.com\/money\/charts\/T2108-weekly_s.png\"><img loading=\"lazy\" decoding=\"async\" title=\"Weekly T2108\" src=\"http:\/\/www.drduru.com\/money\/charts\/T2108-weekly_s.png\" alt=\"Weekly T2108\" width=\"500\" height=\"350\" \/><\/a><br \/>\n*<strong>All charts created using <\/strong><strong><a title=\"Freestockcharts.com\" href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">freestockcharts.com<\/a><\/strong> unless otherwise stated<\/center><\/p>\n<p>The charts above are my LATEST updates independent of the date of this given AT40 post. For my latest AT40 post <a href=\"http:\/\/drduru.com\/onetwentytwo\/tag\/t2108\/\" target=\"_blank\">click here<\/a>.<\/p>\n<p>\n<strong>Related links:<\/strong><br \/>\n<a href=\"hhttp:\/\/drduru.com\/onetwentytwo\/about\/t2108-resource-page\/\">The T2108 Resource Page<\/a><br \/>\nYou can <a href=\"http:\/\/twitter.com\/#!\/search\/%23T2108\">follow real-time T2108 commentary<\/a> on twitter using the #T2108 or #AT40 hashtags. T2108-related trades and other trades are occasionally posted on twitter using <a href=\"http:\/\/twitter.com\/#!\/search\/%23120trade\" target=\"_blank\">the #120trade hashtag<\/a>.<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long QQQ call options, short USO put options, long AMZN and XLE call options<\/p>\n<p>*Charting notes: FreeStockCharts.com uses midnight U.S. Eastern time as the close for currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AT40 = 52.8% of stocks are trading above their respective 40-day moving averages (DMAs) AT200 = 56.3% of stocks are trading above their respective 200DMAs VIX = 10.9 (volatility index) Short-term Trading Call: cautiously bullish Commentary The Fed hikes short-term rates, and long-term rates go down. This relationship is not the expected one but is &#8230; <a title=\"Above the 40 (June 20, 2017) &#8211; Buyers Fail to Follow-Through As the S&#038;P 500 Goes On Notice\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/21\/t2108-update-170620\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[584,456,483,1054,921,219,599,377,512,338,511,62],"tags":[398,1819,746,183,413,535,65,362,226,280,538,303,1444,282],"class_list":["post-39799","post","type-post","status-publish","format-standard","hentry","category-bollinger-band","category-bonds-2","category-breakdown","category-dining","category-downtrend","category-high-tech","category-internet","category-oil","category-resistance","category-retail","category-support","category-technical-analysis","tag-amzn","tag-at40","tag-cmg","tag-ewz","tag-nasdaq","tag-qqq","tag-sp-500","tag-spy","tag-t2108","tag-tlt","tag-uso","tag-vix","tag-xle","tag-xrt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Above the 40 (June 20, 2017) - Buyers Fail to Follow-Through As the S&amp;P 500 Goes On Notice - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/21\/t2108-update-170620\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Above the 40 (June 20, 2017) - Buyers Fail to Follow-Through As the S&amp;P 500 Goes On Notice - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"AT40 = 52.8% of stocks are trading above their respective 40-day moving averages (DMAs) AT200 = 56.3% of stocks are trading above their respective 200DMAs VIX = 10.9 (volatility index) Short-term Trading Call: cautiously bullish Commentary The Fed hikes short-term rates, and long-term rates go down. This relationship is not the expected one but is ... 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