Bearish Engulfing, Double-Top Patterns Indicate Market Rally Could Be Nearing End

Treasury auction. The CPI data knocked the indexes off their pre-market highs, while the weak Treasury sent rates surging and markets plunging.

Given the stock market’s gains since the spring, it would seem that expectations will again be for better than expected results, but this time, the bar is higher and not as low as the previous two quarters, and that may make this earnings season more challenging than perhaps some expect. But we shall see. Maybe JPMorgan’s results will tip us off.

Who knew that the big risk this year was a US economy that would be too hot? Coming into 2023, strategists were bearish following the market’s drubbing the previous year. The...

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