
On the Russell, I am still bearish because it has yet to make a higher higher, after making a lower low.
The day was again filled with major divergences, and non-confirmations, the VIX never made a new low while the SPX and the DOW made new highs, and the DOW transports never made a new high, as the DOW did.
This topping process is dragging its feet along. The SPX even with the new high today is only 5 points higher, then it was two months ago.
The Bollinger Bands also continued to tighten into the close, so maybe we will see a large gap opening in the morning.
Breadth for the day was boring, coming in at 1.92:1 at the close on light volume.
Levels on the SPX worth watching are 1115.58 for the top, and 1086.25 for the bottom, signs of making higher highs, or lower lows.



On a side note, as the SPX and the DOW were making new highs, the VIX failed to confirm by making new lows!!
7:03, here is the Russell, and it still has a bearish face on. It still has yet to make a higher high, after the last lower low was made. Currently the RSI is up against trendline resistance, and the Full STO is up in over-bought territory.
7:11, A new high was made on the SPX


Michael, the age old question is, "which way"?
ReplyDeleteAlso, the 50% Retrace is 1121.43. And why is the SPX unable to Close above the highest close of 1110.27?
Mbew, Morning, The SPX is most likely in some sort of a topping movement, stuck in a trading range, but unable to have enough momentum to hold the highs.
ReplyDeletere the bbands
ReplyDeletebased on the macd, slo stoch i would be betting move is down