It is likely the Qs will make at least a token new high, but it is not a certainty. Friday's low remains the key level for confirming the downtrend.
The MACD remains on a negative divergence sell signal until it rises above its January 18 high.
Tuesday, February 1, 2011
New Highs Don't Change The Outlook
While the SP500 and the Dow made new rally highs today the IWM just managed to make a second retest of its broken trendline. Volume lagged on today's rally as well for most indexes. It may seem that a top will never come, but this rally is getting well beyond the average time and gain for stock market rallies, and there will be a top of some kind.
It is likely the Qs will make at least a token new high, but it is not a certainty. Friday's low remains the key level for confirming the downtrend.
The MACD remains on a negative divergence sell signal until it rises above its January 18 high.
It is likely the Qs will make at least a token new high, but it is not a certainty. Friday's low remains the key level for confirming the downtrend.
The MACD remains on a negative divergence sell signal until it rises above its January 18 high.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment