This week has seen the U.S. stock indexes see the return of higher volatility, and that’s not bullish. See on the daily chart for the S&P e-mini June futures the high volatility that has been in place since the long price uptrend fizzled out in January. See at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator is in a bearish posture, as the blue trigger line is below the red MACD line and both lines are trending lower. It is my bias that the U.S. stock indexes have put in major market tops, due to the serious technical damage that has been inflicted over the past two months. Stay tuned!
