The SPX is running out of room, with-out breaking thru some resistance or support trendlines.
This is the percent of stocks above their 50day MA.
After the close, Again we are seeing the Advancing issues of Breadth contained below the trendline of resistance, making lower highs for the last two months ending the day at 2.58:1. Also the number of stocks making new highs is decreasing as the indexes were making new highs. These are some of the things that do not confirm this as a very bullish rally or one that was last much longer!!!.
Click here for a look at an updated Fib fan chart!!!7:45, The indexes all broke to the upside making new highs, but quickly reversed, and then the SPX had what I believe to be a break-away gap down. Interesting to note that the market also started off with what could of also been an exhaustion gap up.
If we make another new high, I think I'm going to take out a post office or something. I don't have any problem making short-term bullish plays despite my long-term bearish feelings, it's not that. It's just that it would be yet another super-ugly count.
ReplyDeleteCheck out my public stockcharts.com chart at Kevin's Elliott Waves, having trouble posting a link here.
KBM
Nope!
ReplyDeleteMarkets keep going up.
col
ReplyDeletethanks for all your charts
i don't see how anything short of a nuke is gonna stop this