Ross is a Managing Director and Head of Technical Analysis at Evercore ISI. Mr. Ross is responsible for analyzing price and intermarket relationships across stocks, commodities, currencies and interest rates around the world. Prior to joining Evercore ISI, Mr. Ross spent 5.5 years at Auerbach Grayson where he built the technical analysis product from the ground up. Prior to that he wrote technical research for Tocqueville Securities and held positions as a NASDAQ Market Maker and Proprietary Equity Trader.
While I overplayed Tuesday’s reversal, the setup remains consistent with a 10-12% correction within the context of a strong Bull Market. Oversold, on support, within uptrends after parabolic pullback. Not a top.
Most Major Averages, Sectors, and Stocks remain in strong uptrends, sitting on support.
Nikkei experiences intraday upside reversal after 12% peak to trough correction down to the 200 day.
Hang Seng remains in an uptrend after 13% drop in 2 weeks and intraday reversal off the 150.
Brazil remains strong both relatively and absolutely and the currency composed amidst the maelstrom.
EEM sitting on key support at 46 in an uptrend. India and HSCEI back to trend. Yuan strong.
10 Year has stood its ground even as Stocks, Crude and Breakevens have come off. Remains an issue.