A lower volume rebound today only recovered part of yesterday's losses. Consumer confidence came in lower than expected (full analysis at Bespoke) and Bloomberg had an interesting piece using supply chain slowdowns to call market recessions (highlights at ZeroHedge). The data has only been wrong once since 1947 at calling a recession. Interesting stuff.
Alongside updated charts of the market indices I also have two charts of Amazon (AMZN) stock which looks to be setting up real pretty in an 8 month cup & handle base despite the shaky market.
Stay frosty out there and I will see you back here tomorrow.
And here is a look at Amazon's (AMZN) weekly chart with MarketSmith's pattern recognition tool.
