Technician Jonathan Krinsky: We’re Seeing Primary Downtrends for Most Global Markets

Jim welcomes back Jonathan Krinsky CMT, Chief Market Technician at MKM Partners. Jonathan believes that while we may get a relief rally for the S&P 500, there is ongoing deterioration in the market. He notes there is a possibility that the market could work off oversold conditions by going sideways, rather than bouncing strongly higher. He now sees a primary downtrend in the US markets, following downtrends established in overseas markets over the last year. Jonathan also see the dollar as stronger than people realize, and the established downtrend in emerging markets may take years to reverse. He also covers the oil and gold markets. Jonathan remains defensive, favoring the utility and consumer staples sectors. Also in this segment, Ryan Puplava has this week’s Market Wrap-Up, and Robert Rapier covers the energy markets with Jim.

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