A growing number of technical indicators suggest that the market is running out of steam. These include the longer term RSI (relative Strength Index), the MACD (Moving Average Convergence Divergence) and others. Equities have been in a temporary unrelenting uptrend where investors have been factoring in a strong U.S. economic recovery while also anticipating that the Fed would soon be implementing QE3. This idea is a bit of a contradiction if you think about it. If the economy were indeed as strong as the markets seem to suggest, we wouldn’t need QE3. The fact that market is so overwhelmingly and eagerly look forward toward the possibility of QE3 is itself an indication that the economy is weaker than they might be lead to believe. Well, today it seems that the Fed has finally put a lid of the QE3 speculations and at this point, it is off the table. In fact, the Fed may not even renew operation twist when it expires at the end of June 2012.
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