Archive

2024

Browsing

House Minority Leader Hakeem Jeffries, D-N.Y., on Sunday defended President Biden’s past comment that his son, Hunter Biden, ‘did nothing wrong.’ 

Jeffries’ remarks came a day before the scheduled beginning of jury selection in the federal gun case against Hunter – and just days after former President Trump, President Biden’s main election opponent, was convicted on 34 counts following the hush-money trial brought by Manhattan District Attorney Alvin Bragg. 

‘President Biden commented as a loving father, as I would hope any loving father would do. Hunter Biden, of course, is entitled, as was Donald Trump, to the presumption of innocence and to a trial by a jury of his peers,’ Jeffries said during an appearance on NBC’s ‘Meet the Press.’ ‘And this Justice Department is going to proceed in that fashion, present the facts and the law and then we’ll all have to wait for a determination that is made by a jury as to Hunter Biden’s guilt or innocence.’ 

In an interview with MSNBC in May 2023, President Biden insisted, ‘First of all, my son has done nothing wrong,’ adding that ‘I trust him. I have faith in him.

That was before what Republicans dubbed a ‘sweetheart deal’ with prosecutors for Hunter to plead guilty on misdemeanor tax charges fell apart in Delaware during a dramatic hearing last summer before a Trump-appointed judge. In response, Attorney General Merrick Garland appointed David Weiss, who had already been leading the investigation into Hunter’s gun case, as special counsel. 

Hunter Biden, who spent the weekend with his father, has been charged with three felonies stemming from a 2018 firearm purchase when he was, according to his memoir, in the throes of a crack addiction. He has been accused of lying to a federally licensed gun dealer, making a false claim on the application used to screen firearms applicants when he said he was not a drug user, and illegally having the gun for 11 days.

He has pleaded not guilty and has argued he’s being unfairly targeted by the Justice Department. 

Hunter Biden is also facing a separate trial in California in September on charges of failing to pay $1.4 million in taxes. He has also pleaded not guilty in that case. 

Jeffries, meanwhile, also addressed Trump’s conviction. The Democratic leader said the guilty verdict against the former president was a ‘validation of the American judicial system,’ when asked if the eight-year-old case would have been brought against anyone but the former president. 

‘Donald Trump was entitled to the presumption of innocence, he received it,’ he said. ‘This is America. This is not a system that is occupied by a monarch or a king or a dictator. We are a democracy. And in a democracy, no one is above the law.’ 

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

A Manhattan jury rendered its verdict on Donald Trump last week. The flimsy prosecution by District Attorney Alvin Bragg may have succeeded in harming Trump’s legal and political fortunes, especially in a close race. But it will come at the cost of unpredictable damage to our constitutional order. 

Once again, Democrats have sacrificed the institutions and norms that have buttressed our political stability to stop a single individual who threatens their vision of democracy.

In last Thursday’s verdict, the jury unanimously agreed on a complicated set of facts that may well not add up to a criminal violation. It found that in 2016, Trump had paid porn star Stephanie Clifford (stage name, Stormy Daniels) $170,000 to keep silent about an alleged affair. That in itself does not violate the law. 

The jury must have agreed with Michael Cohen, Trump’s lawyer at the time, that Trump improperly filed these payments as ‘legal expenses’ rather than as a contribution to his own presidential campaign. This might be a misdemeanor, worthy of a fine, but not by itself a felony. 

And the jury must have concluded that this bookkeeping error was secretly an attempt to enable some greater crime, such as violating federal campaign or tax law – even though federal authorities had not brought charges against Trump for the non-disclosure agreement payoff to Clifford.

If this sounds complicated, it’s because it is – far beyond the abilities of a normal jury to understand. Trump will have strong grounds to appeal. Trial judge Juan Merchan may have erred in allowing the extensive, prejudicial testimony by Clifford, which had little relevance to accounting rules or campaign finance. 

Observers have already objected to Judge Merchan’s allowance of Clifford’s inflammatory testimony, his interruptions of Robert Costello’s impeachment of Cohen, and his bar on the appearance of Brad Smith (Trump’s expert on campaign law). Appeals courts have little interest in second-guessing a trial judge on evidentiary rulings, but Judge Merchan made several serious errors of law well-poised for reversal. For example, he allowed the prosecution to withhold the second, greater crime allegedly enabled by the bookkeeping shenanigans until the very end of the trial.  This violated Trump’s constitutional right of clear notice of the charges so he could put on an adequate defense.

In an equally serious mistake, Merchan allowed the Manhattan DA to enforce his personal version of federal election law. The Supreme Court has made clear in cases such as New York v. United States (1992), Printz v. United States (1997), and Arizona v. United States (2012), that the Constitution forbids state officers from prosecuting violations of federal law. The Constitution’s take care clause vests that authority only in the president and his subordinates. 

Years could pass before Trump can take his appeals through the state appeals court system to the U.S. Supreme Court, where he would win solely on this last issue. 

In the meantime, the prosecution will have already wrought its destruction on our constitutional norms. First gone is the tradition of not prosecuting presidents after they have left office. 

In the 235-year history of the Republic, prosecutors both state and federal had left presidents alone. And this was not just because all presidents were as pure as the driven snow. Instead, elected executives had demonstrated the statesmanship to avoid using the criminal justice system to manipulate elections or punish their political rivals. Not only did Gerald Ford pardon Richard Nixon over Watergate, or George W. Bush leave Bill Clinton in peace despite the latter’s obvious perjury, but Donald Trump did not pursue Hillary Clinton for her routing of classified emails to her unsecured home computer network.

Avoiding the temptation of criminalizing political differences is not just important to protect a stable electoral system, but to ensure an optimal president.  The Constitution concentrates all of the executive power of the federal government in the president. It does this not because the Founders believed presidents would be perfect, but because they knew that only a single individual could act with the speed, decisiveness and energy necessary to respond to emergencies, protect the nation and wage war. 

If we allow any state attorney general or local district attorney to prosecute presidents – especially on the frivolous charges concocted by Manhattan D.A. Alvin Bragg – presidents will have to factor into their decision-making whether political rivals and opponents will turn to the courts to punish them. Presidents will worry about their litigation risk, rather than the risks to the nation.

The second norm gone is the rule of law, which at a minimum includes the idea that like cases must be treated alike. Bragg violated the rule of law by charging the former president with a crime – a bookkeeping misdemeanor upgraded to a felony by an alleged violation of federal election law – that had never been charged. 

People expect the courts to enforce the rule of law, but judges refuse to inquire into ‘prosecutorial discretion’ – the principle that only the executive branch selects the cases to investigate. Courts cannot force prosecutors to drop cases because they have selected a specific defendant, nor can they force prosecutors to charge other defendants to ensure equality of treatment.

The Trump case put on vivid display the principle that the most important protector of the rule of law are prosecutors and other members of the executive branch. They ensure that the law is applied equally in the choice of cases to bring and not bring. 

It is for prosecutors to live up to the ideal that society punishes defendants for committing crimes, not simply for being unpopular. But in investigating Trump first and coming up with the crimes second, Bragg and his colleagues in Atlanta and Washington, D.C., have violated the rule of law. 

Progressives celebrating Trump’s conviction should instead be mourning the loss of the institutional norms that have served our nation so well for so long.

This post appeared first on FOX NEWS

The Indian Ocean tourist destination Maldives is now banning Israelis from entering its territory in an apparent retaliatory move over the war in Gaza. 

The government of the predominantly Muslim island nation announced that President Mohammed Muizzu enacted the ban this week following a recommendation from his cabinet. 

‘The Cabinet decision includes amending necessary laws to prevent Israeli passport holders from entering the Maldives and establishing a Cabinet subcommittee to oversee these efforts,’ his office said in a statement, adding that ‘the President decided to appoint a special envoy to assess Palestinian needs.’ 

‘The President further decided to set up a fundraising campaign to assist our brothers and sisters in Palestine with the help of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) and to conduct a nationwide rally under the slogan ‘Falastheenaa Eku Dhivehin,’ which translates to ‘Maldivians in Solidarity with Palestine’ to show support,’ the statement also said. 

UNRWA has recently faced allegations that some of its employees participated in Hamas’ attack on Israel on Oct. 7, which launched the war in Gaza. 

Israel’s foreign ministry responded to Muizzu’s ban by urging Israelis to stay away from the Maldives. 

‘For Israeli citizens already in the country, it is recommended to consider leaving, because if they find themselves in distress for any reason, it will be difficult for us to assist,’ the ministry said, according to Reuters. 

The U.S. State Department, which said last year that it has provided $36 million in bilateral foreign assistance to the Maldives since 2018, did not immediately respond Monday to a request for comment from Fox News Digital. 

The State Department says the constitution of the Maldives ‘designates Islam as the state religion, requires citizens to be Muslim, and requires public office holders, including the President, to be followers of Sunni Islam.’ 

‘The law states that both the government and the people must protect religious unity, and propagation of any religion other than Islam is a criminal offense,’ it adds. 

Last year, around 11,000 Israelis visited the Maldives, around 0.6% of its total tourist arrivals, The Associated Press reported.

Jonathan Schanzer, the senior vice president for research at the Foundation for Defense of Democracies in Washington, told Fox News Digital that ‘The Maldives government now aligns itself with the likes of the Islamic Republic of Iran, Syria, Algeria, Kuwait and other authoritarian Muslim world states,’ which also ban Israeli passport holders.

‘This will not likely bode well for the Maldives over time. Joining this alliance is often a sign of corruption, radicalization and even exploitation by outside actors,’ he added.

Rev. Johnnie Moore, president of The Congress of Christian Leaders, also responded to the ban on X by saying, ‘If the Maldives aren’t safe for Israelis then they aren’t safe for any of us.’ 

‘The Congress of Christian Leaders is issuing a global travel warning: no Christian should feel safe in a country where Islamic extremists determine national policy,’ he also said. 

This post appeared first on FOX NEWS

Prominent pro-life organization Susan B. Anthony (SBA) Pro-Life America is urging Republican candidates not to stick their heads in the sand ahead of the 2024 elections, but rather paint Democrats as unpopular on abortion.

Since the Supreme Court’s Dobbs decision overturned nearly 50 years of precedent that effectively legalized abortion, Democrats have attributed political wins to the unpopularity of pro-life causes.

But SBA said in a memo, sent to Republican leaders and committees Monday, that Democrats’ message is more fearmongering than fact, and it wants GOP candidates to emphasize that Democrats want to place America ‘on a short list of the most pro-abortion countries in the world.’

‘There are no protections for the unborn that Democrats can bring themselves to support, and they are consistently on the record opposing the protection of unborn babies when they can feel pain, even legislation to provide basic health care for a baby born alive after a failed abortion,’ the SBA memo says.

Working with a pollster and former adviser to Trump, SBA says a winning message for Republican candidates involves stressing support for mothers at all stages of pregnancy and childbirth. 

‘The message that performed the strongest in moving voters is driving a strong contrast between Democrat support for the so-called Women’s Health Protection Act (WHPA) and GOP support for providing real options and support for mothers in need and opposition to the WHPA,’ SBA wrote. The research was conducted by Adam Schaeffer of Evolving Strategies, a behavioral science and political data firm.

The WHPA passed the House in 2022, but failed in the Senate. Billed as a codification of Roe v. Wade, the measure goes beyond enshrining the 1973 abortion ruling and effectively would make it impossible to restrict abortion at any stage, according to SBA. 

‘In our test, the WHPA was characterized as sweeping federal legislation that would wipe away nearly all state limitations on abortion, even those that limit late-term abortions on healthy babies and ensure parental involvement when a young girl becomes pregnant,’ the SBA memo said. 

The other part of the ‘winning’ message involved support for pregnant women and help for mothers – including expanding child tax credits.

‘GOP support for mothers in need was characterized in our testing as offering women real options to choose life and embracing policies that would streamline adoption services, increase the child tax credit, make baby items tax-free, and provide funding to pregnancy care centers and maternity homes. Further, women should be informed about the financial help and adoption services available so she can make an educated choice,’ the SBA memo said.

SBA said it is committed to delivering its message to key presidential and congressional battleground states of Arizona, Georgia, North Carolina, Pennsylvania, Michigan, Ohio and Montana.

But without individual candidates joining the messaging, SBA indicated that Democrats would continue to see success in their spreading ‘falsehoods and fearmongering’ in favor of abortion access.

‘Most importantly, candidates themselves must draw this contrast and put money behind it. The ‘ostrich strategy’ from 2022 of candidates putting their heads in the sand cannot be repeated. This is urgent for GOP Senate candidates, who continue to trail across key races despite President Trump holding a consistent lead at the top of the ticket across those same states,’ SBA’s memo states.

Trump has ruffled feathers in the pro-life movement for his approach to abortion following the Dobbs decision. He criticized Florida’s restriction on abortion in most cases after six weeks of pregnancy as cruel, but has indicated he would consider a national ban on abortion at 15 weeks. 

He has also said abortion restrictions should be a state issue, pushing back on calls for a nationwide protection of life bill, but in numerous rallies and speeches has criticized Democrats for wanting abortion to be legal up to and after birth.

‘Democrats and their abortion industry allies will not stop until America becomes a global abortion factory where women are forced into abortion and find few options when choosing life,’ SBA said. ‘If this happens it will put the pro-life movement in an even worse position than it faced under the Roe regime. We must unite and stop them before it is too late.’

This post appeared first on FOX NEWS

JERUSALEM – After a Manhattan jury on Thursday convicted former President Trump of falsifying business records, legal experts have commented on the similarities between his case and the ongoing prosecution of Israeli Prime Minister Benjamin Netanyahu.

Israel’s then-attorney general, Avichai Mandelblit, charged Netanyahu with fraud, breach of trust and accepting bribes in a legal saga that started four years ago and is still unfolding. Netanyahu has flatly denied all the accusations against him.

Fox News Digital reached out to leading legal experts who are well versed in the hard-charging and no-holds-barred electoral and judicial systems in both democracies.

Eugene Kontorovich, a professor at George Mason University Scalia Law School and a scholar at the Kohelet Policy Forum, a Jerusalem think tank, told Fox News Digital, ‘Israel has always been the canary in the coalmine for threats to freedom and Western democracy. The politicized prosecutions on obscure and incomprehensible charges and victimless crimes that has been used on President Trump greatly resemble the prosecutions of Israeli Prime Minister Netanyahu. Israel’s situation is worse – Netanyahu was indicted four years ago after years-long investigations, making the prosecution a never-ending shadow on his political career.’

He added ‘Moreover, in Israel, prosecutors are not elected or even politically appointed, so there is not even the bitter consolation that both sides can play the same game.’

He continued, ‘But in what could be a good omen for Trump, Netanyahu’s political opponents thought the multiple criminal proceedings would end his political career, but instead he has gone on to win multiple elections because voters stopped taking the prosecutions seriously.’

Modern politics is filled with examples of court systems turned into blunt instruments to railroad politicians and dissidents who upset political parties and opponents.

Perhaps the most famous recent case is authoritarian Russian President Vladimir Putin’s imprisonment of his most potent political rival, Alexei Navalny, who was found dead in an Arctic penal colony in February. Putin’s critics claimed he was behind the killing. Russia’s opaque judiciary sentenced Navalny to a 19-year term for extremism. His defenders say he was persecuted by Putin because he was the first politician to build a national Russian opposition movement that seeks to end Putin’s more than two decades of control over Russia.

In 2023, the late-Italian Prime Minister Silvio Berlusconi was found not guilty of witness tampering in connection with alleged sex parties, called ‘bunga bunga,,’ at his villa in Milan. He claimed that his political enemies manufactured the sex scandal allegations.

The controversial Italian politician died last year. He referred to himself as the ‘Jesus Christ of politics.’ In 2013, however, Italy’s high court affirmed a conviction for tax fraud against Berlusconi.

The former Pakistani Prime Minister Imran Khan was ousted as the country’s leader in 2022 and sentenced to multiple prison terms for corruption, including leaking state secrets. Khan argues that the cases against him are politically motivated and his supporters have filled the streets of the Southeast Asian country to protest his incarceration.

Khan, a former cricket star who became an Islamist politician, is now facing 170 pending legal cases against him. The charges include terrorism, incitement to violence and graft. In March 2022, Khan claimed at a rally that a foreign conspiracy was working against him. He said a document showed that ‘all will be forgiven if Imran Khan is removed from power.’ A month later, Khan was dislodged as prime minister by a no-confidence vote in the parliament.

America’s former ambassador to Israel, David Friedman, who is a lawyer, told Fox News Digital, ‘The most important feature of a functioning democracy is its ability to instill confidence in the fairness of its judiciary. In the Trump case, the prosecution and the court have pursued a frivolous case and done enormous damage to our democracy. I am less familiar with the prime minister’s issues, but it is clear that in Israel there also exists a significant part of the population that is losing confidence in the judiciary.’

Friedman, who served during the Trump administration and played a key role in relocating the U.S. Embassy from Tel Aviv to Israel’s capital, Jerusalem, added, ‘This is always a byproduct of prosecuting political opponents. When done, the facts and the law must be compelling and even overwhelming. That’s clearly not present in either case.’

This post appeared first on FOX NEWS

Dr. Anthony Fauci, former Director of the National Institute of Allergy and Infectious Diseases, on Monday denied attempting to suppress the theory that the COVID-19 pandemic began as a result of a lab leak in Wuhan, China, during his opening statement before the House Oversight Select Subcommittee on the Coronavirus Pandemic.

Lawmakers proceeded to grill Fauci throughout the hearing on the U.S. Centers for Disease Control and Prevention’s six-feet distancing rule, the masking of schoolchildren and other pandemic-era restrictions. 

Fauci testified affirmatively each time when asked by Rep. Michael Cloud, R-Texas, if business closures, church closures, school closures and stay at home order were justified, adding that ‘again, this was when we were trying to stop the tsunami of deaths that were occurring early on – how long you kept them going is debatable.’ 

Asked again about mask mandates, including those for children under the age of 5, Fauci said those were in the context of the time ‘when 5,000 people a day were dying.’ 

‘Mask mandates for children under the age of five? There’s scientific evidence supporting that?’ the congressman asked. 

‘There was no study that did masks on kids before,’ Fauci admitted. ‘You couldn’t do the study. You had to respond to an epidemic that was killing 4-5,000 Americans a day.’ 

Fauci also attempted to clarify an earlier statement that the six-foot social distancing rule ‘just appeared,’ telling committee members that ‘it actually came from the CDC.’ 

‘The CDC was responsible for those kinds of guidelines for schools, not me. So when I said that, it just appeared. It appeared. Was there any science behind it? What I meant by no science behind it is that there wasn’t a controlled trial. That said, compare six foot with three feet with ten feet. So there wasn’t that scientific evaluation of it. What I believe the CDC used for their reason to say six feet is that studies years ago showed that when you’re dealing with droplets, which at the time that the CDC made that recommendation, it was felt that the transmission was primarily through droplet, not aerosol, which is incorrect because we know now aerosol does play a role. That’s the reason why they did it. It had little to do with me since I didn’t make the recommendation.’ 

Fauci also defended vaccine mandates for students, employees and the military by stating, ‘Vaccines save lives. It is very, very clear that vaccines have saved hundreds of thousands of Americans and millions worldwide.’ 

‘In the beginning, it clearly prevented infection in a certain percentage of people but the durability of its ability to prevent infection was not long. It was measured in months,’ he added. 

Rep. Marjorie Taylor Greene, R-Ga., pressed Fauci on past comments he made during an appearance on CBS’s ‘Face the Nation,’ when he claimed that those who criticize him are ‘really criticizing science because I represent science.’ At the time, the remark drew ire, getting slammed by Sen. Ted Cruz, R-Texas, who accused him of having a ‘delusion of grandeur that you cannot criticize him.’

Elon Musk also criticized Fauci, posting on social media, ‘Anyone who says that questioning them is questioning science itself cannot be regarded as a scientist.’ 

Asked Monday if he represents science, Fauci testified, ‘I am a scientist who uses the scientific method to gain information.’ 

In his opening statement, Fauci addressed the COVID-19 lab leak theory. stressing to the committee that he never sought to suppress that idea.

He testified that on Jan. 31, 2020, he ‘was informed through phone calls with Jeremy Farrar, then director of the Wellcome Trust in the UK, and then with Kristian Anderson, a highly regarded scientist at Scripps Research Institute, that they and Eddie Holmes, a world-class evolutionary biologist from Australia, were concerned that the genomic sequence of SARS-CoV-2 suggested that the virus could have been manipulated in a lab.’ 

The next day, Fauci said, he participated in a conference call ‘with about a dozen international virologists to discuss this possibility versus a spillover from an animal reservoir.’ Fauci described the conference call discussion as ‘lively with arguments for both possibilities,’ and said two participants have testified before the House subcommittee that he ‘did not try to steer the discussion in any direction.’ 

‘It was decided that several participants would more carefully examine the genomic sequence after this further examination. Several who at first were concerned about lab manipulation became convinced that the virus was not deliberately manipulated. They concluded that the most likely scenario was the spillover from an animal reservoir, although they still kept an open mind,’ Fauci said. ‘They appropriately published their opinion in the peer-reviewed literature.’

‘The accusation being circulated that I influenced these scientists to change their minds by bribing them with millions of dollars in grant money is absolutely false and simply preposterous. I had no input into the content of the published paper,’ Fauci said in his opening statement. ‘The second issue is a false accusation that I tried to cover up the possibility that the virus originated from a lab. In fact, the truth is exactly the opposite.’ 

The Republican-led subcommittee has spent over a year probing the nation’s response to the pandemic and whether U.S.-funded research in China may have played any role in how it started. Democrats opened the hearing saying the investigation so far has found no evidence that Fauci did anything wrong, while missing an important opportunity to prepare for the next scary outbreak.

Fauci spent 14 hours over two days in January being grilled by the House panel behind closed doors. Monday’s hearing was the first time Fauci was questioned in public and on camera since he ended more than five decades of government service.

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

Former Brexit Party leader Nigel Farage announced Monday that he is running in this year’s upcoming United Kingdom general election, vowing to ‘make Britain great again.’ 

The decision from Farage comes less than two weeks after he said he would not take part in the race in order to focus his efforts on the U.S. presidential election. Farage previously has tried seven times to win a seat in the House of Commons and will now be seeking a seat in Clacton, a seaside town in eastern England, in the July 4 contest. 

‘So I’m back. I’m standing as a candidate in this election. I’ve taken the leadership over of Reform UK,’ Farage said in a video posted to X, referring to the successor of the Brexit Party. ‘You know why? I see our country going down the drain. I believe in Britain. These boring idiots that lead the Labour and Conservative parties are not worth the space.’

‘Let’s make Britain great again,’ he added. 

In a news conference announcing his candidacy, Farage said Monday that ‘this is the immigration election.’ 

‘We have to build a new house every two minutes just to accommodate those that are legally coming into Britain. The impact on the health service, the impact on infrastructure, on everything else, we have to get a grip. It is the major issue of our times. The population explosion has devalued the life of ordinary Britains in just the most extraordinary way,’ he added. 

On May 23, Farage – a supporter of former President Trump – said he would not be running because ‘important though the general election is, the contest in the United States of America on Nov. 5 has huge global significance.’

‘A strong America as a close ally is vital for our peace and security,’ Farage said at the time. ‘I intend to help with the grassroots campaign in the USA in any way that I can.’ 

Farage said Monday during his campaign announcement that he changed his mind on running ‘because I can’t let down millions of people who would feel let down by me, unless I was at the front and led this charge.’ 

This post appeared first on FOX NEWS

It is well known that stock market indexes are fractal. Demonstrating repeatable price structures in all timeframes. In the intraday timeframe these price structures repeat frequently. The Wyckoff characteristics of Accumulation, Markup, Distribution and Markdown are constantly at work in smaller periods of time. Wyckoff students will study such structures to sharpen analytical and trading skills. In the example below of the S&P 500 Index the 60-minute timeframe reveals an unfolding Distribution and Markdown through March and April. Followed by a period of swing trading Accumulation. In May, once again Distribution appears to be forming. In the most recent weekly Wyckoff Market Discussion, we evaluated these unfolding structures. Let’s review this intraday study.  

Distribution-A Notes:

Preliminary Supply (PSY) warns of accelerating selling in uptrend. Watch for continuation of the uptrend.ReAccumulation, after the PSY, carries the index into a Gap and Buying Climax (BC). We draw a Resistance Line.Secondary Tests (ST) are rejected at BC Resistance. Reactions result in Lower Lows referred to as Signs of Weakness (SoW).Volatility and Gaps are manifesting on declines with expanding volume. Supply is overwhelming the index and increasing.Three Last Point of Supply rallies fail each at lower highs. Downtrend channel becomes evident while Distribution is still forming. This sets the stride of the impending decline.Markdown engulfs the $SPX Index. Volatility expands as prices fall.See the PnF study for estimates of downside price objectives for this intraday structure.ThrowUnder and OverSold below the bottom of the Trend Channel just as PnF count objectives are being fulfilled. Note the Selling Climax into the lower PnF objective. A Trifecta of Bullish conditions!

Swing Accumulation Notes:

Advance Decline Oscillator generates a higher low or Downside Non-Confirmation (DNC) prior to the SC. The A/D Oscillator also rallies sharply prior to the SC low. Positive internals bode well for a rally in the $SPX.Accumulation forms and generates a PnF count (blue shaded box). A rally follows.

Distribution-B Notes

A gap kicks off the final rally into the BC. The AR is the sharpest reaction since Accumulation. BC is seen as future resistance level. A ST and Upthrust After Distribution (UTAD) are rejected at BC resistance level. UTAD often results in aggressive reaction to support. This is a sign of weakness.LPSY-1 is a brief rally of poor quality and is unable to return to BC resistance. SOW reaction follows with expanding and aggressive supply character and breaks the upward trend channel. LPSY-2 has the character of a ‘short covering rally’ which is brief and sharply rising. They normally fail suddenly and weakness resumes.PnF count objective is taken and could become larger.

S&P 500 Point & Figure Case Study (30-Minute Data)

PnF Chart Notes (PnF data through May 29th):

Intraday PnF Useful for Early I.D. of Price SwingsRedistribution PnF (green box) counts to the low where….Accumulation forms (red box) and is fulfilled ($SPX – 5,341.88)Latest Structure has Distribution CharacterCurrent PnF Count is Likely not Complete

Conclusion

Distribution-A and Distribution-B are adjacent to each other. They are evidence on the smaller intraday timeframe of the Composite Operator (C.O.) actively distributing stock at the top of a trading range. The fractal nature of markets demand that we zoom out to the daily and weekly timeframes to see if there is an emerging Distribution character forming. An impending clue to this will be any attempt to decline to the April low. Also, the speed and volatility of that decline. The intraday timeframe can help develop a nuanced view of the intentions of the indexes and sharpen tactics in all timeframes.

All the Best,

Bruce

@rdwyckoff

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. 

Helpful WPC Blog Links:

Trifecta of Trouble (Click Here)

Distribution Definitions (Click Here)

Wyckoff Power Charting. Let’s Review (Click Here)

Wyckoff Resources:

Additional Wyckoff Resources (Click Here)

Wyckoff Market Discussion (Click Here)

Good morning and welcome to this week’s Flight Path. We saw continued weakness this week in U.S. equities although there was a big rebound on Friday’s bar. Treasury bond prices entered a period of uncertainty as we see GoNoGo Trend paint successive amber “Go Fish” bars. The U.S. commodities index flipped back to a weak “NoGo” as the dollar was able to manage to paint more weaker aqua “Go” bars.

$SPY Tries to Halt Fall

After the Go Countertrend Correction Icons we saw over a week ago, price has struggled and that was understandable as those icons tell us that momentum has waned. We will watch now to see if price can set a new higher low which would suggest the “Go” trend will continue for now. Friday’s bar was positive in that regard. We turn our eye to the oscillator panel and we see that the price action has caused GoNoGo Oscillator to fall to test the zero line from above. As it stays there, we see the beginning of a GoNoGo Squeeze. If this level can hold as support and the oscillator can rally back into positive territory then we will see signs of Go Trend Continuation and can expect price to make an attack on the most recent high.

The larger weekly chart shows that we have set what looks to be a slightly higher high and that GoNoGo Trend is still painting strong blue “Go” bars. GoNoGo Oscillator is in positive territory at a value of 3 and is not yet overbought. Perhaps this suggests there is further room to run over this time frame.

Treasury Rates in Period of Uncertainty

GoNoGo Trend painted a string of amber “Go Fish” bars last week. An entire week of “Go Fish” bars is somewhat unusual and so we know that there are not enough criteria being met for GoNoGo Trend to be able to identify a trend in either direction. As the market makes up its mind regarding price direction, we can see that GoNoGo Oscillator is in positive territory having been able to break above the zero line. With positive momentum, it is perhaps more likely that we will see a “Go” trend emerge in the panel above.

Dollar Shows Continued Weakness in “Go” Trend

This week we saw more weakness after a single amber “Go Fish” bar. We can see that price has struggled to go anywhere now for several weeks and it has been some time since we last saw a strong blue “Go” bar. When we look at the oscillator panel, we can see that there is a tug of war happening between buyers and sellers at this level. GoNoGo Oscillator is riding the zero line and we see a Max GoNoGo Squeeze. It will be important to watch for the direction of the Squeeze break to help determine price’s next direction.

On today’s DecisionPoint Trading Room episode Carl and Erin discuss Friday’s “Upside Initiation Climax” and whether it can be trusted. With market follow through tepid, they discuss the implications of this very bullish signal.

Carl reveals his sentiment of the overall market and covers Bitcoin, Gold, Interest Rates, Crude Oil and the Dollar.

As always he gives us his view of the Magnificent Seven stocks and their outlooks. One in particular shows a bearish double top.

Carl also brought a few charts for his “Grab Bag” discussion. He pointed out a nearing IT Trend Model Dark Cross Neutral Signal. He looked at Texas Instruments (TXN), Salesforce (CRM) and Motorola (MSI).

Erin walked us through sector rotation with a discussion of all of the sectors and their Price Momentum Oscillators (PMOs). See where new strength is coming in from…hint: think defensive.

Finally the pair finish the program with a look at viewers symbol requests including views of the weekly charts.

01:40 DecisionPoint Signal Tables

04:49 Market Overview

10:03 Upside Initiation Climax

12:01 Dollar, Gold, Bitcoin, etc.

16:00 Magnificent Seven

20:00 Carl’s Grab Bag (Energy sector, Texas Instruments (TXN), Salesforce (CRM) and Motorola (MSI))

30:00 Sector Rotation

36:37 Symbol Requests

Watch the latest episode of the DecisionPointTrading Room on DP’s YouTube channel here!

Try us out for two weeks with a trial subscription!

Use coupon code: DPTRIAL2 at checkout!

Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

(c) Copyright 2024 DecisionPoint.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules