The Russell has been on fire this year, evidenced by the bounce from the low back in February, with this rally marking the highest reading in the RSI. The up coming resistance at 764.38 is really going to have to be held to keep considering this only a bear market rally and any hope that there will ever be that P3 down the bears are waiting for.
This is a chart of the Breadth, that is the number of issues advancing, minus the issues declining. It clearly shows the strength of the NYSE. Interesting, that it is possible that we are very close to a top, breadth has steadily declined since the peak from the highs the first week of March. This the reason I keep saying momentum has been really waning lately.
The Dollar took a tumble today after it completed what most likely a full five waves up, as the 1-2, 1-2 combination is very close to being invalidated, breaking below the support of 79.51 will confirm that count as either wave A, or the 1st wave up. Leaving us currently in a corrective wave down, labeled as wave B or 2. It is amazing that with such a large move in the Dollar today, the indexes were so flat.
The Russell has been on fire this year, evidenced by the bounce from the low back in February, with this rally marking the highest reading in the RSI. The up coming resistance at 764.38 is really going to have to be held to keep considering this only a bear market rally and any hope that there will ever be that P3 down the bears are waiting for.
This is a chart of the Breadth, that is the number of issues advancing, minus the issues declining. It clearly shows the strength of the NYSE. Interesting, that it is possible that we are very close to a top, breadth has steadily declined since the peak from the highs the first week of March. This the reason I keep saying momentum has been really waning lately.
The Dollar took a tumble today after it completed what most likely a full five waves up, as the 1-2, 1-2 combination is very close to being invalidated, breaking below the support of 79.51 will confirm that count as either wave A, or the 1st wave up. Leaving us currently in a corrective wave down, labeled as wave B or 2. It is amazing that with such a large move in the Dollar today, the indexes were so flat.
No comments:
Post a Comment