GE daily
GE monthly
Summary
Many things in this twisted casino bemuse me, not least how sometimes the mainstream will just ignore something rather obvious. In many cases it just seems to be a simple case of outright denial.
GE started the year on a weak note, settling January at $29.22. February and March saw moderate chop. There was a failed rally in April, with the month ending badly at $28.75. May saw sig' downside, with another failed rally to $29.22 in June - as the CEO - Immelt, announced he was leaving.
The June close of $27.01 confirmed the provisional bearish break of trend seen in May. Keep in mind, this trend extends back to the March 2009 low. It is a monstrously important trend, and yet... for some reason, most either don't notice... or at the very least, simply don't care.
Is GE an early warning of trouble for the broader US market?
Its certainly something that merits serious consideration, and again, its a wonder why hardly anyone out there seems to care. Next big support isn't until the low $22s, and that is a long way below current levels. Further, it'd represent a decline of around 30% from the July 2016 high of $31.97.
Outlook: near/mid term bearish.
