We hav an 'inside' day on many of the indexes - and indeed individual stocks.
This is usually a sign of a turn
IWM daily, rainbow chart
Sp, daily, rainbow
NYSE composite, daily, rainbow
Summary
Just look how low the MACD (green bar histogram) cycle is on all 3 charts. We are about as low as we ever go. Considering the '5 waves down' theory looks to have turned out correct, it would appear we've a good likelihood for moving upward all the way into opex next Friday. Yes, there is the real chance of maybe as many as 7-10 'generally' up days. That would really drive the doomer bears nuts.
What now matters is how high can we go? If we get stuck around 1390/1405..that's just no good from a bullish point of view. Bulls need to whack this market up, and break back over 1415..and break a new high - preferably before month end. The next 4 trading days are absolutely critical, and arguably will determine how the next few months proceed.
More later...probably after the close.
This is usually a sign of a turn
IWM daily, rainbow chart
Sp, daily, rainbow
NYSE composite, daily, rainbow
Summary
Just look how low the MACD (green bar histogram) cycle is on all 3 charts. We are about as low as we ever go. Considering the '5 waves down' theory looks to have turned out correct, it would appear we've a good likelihood for moving upward all the way into opex next Friday. Yes, there is the real chance of maybe as many as 7-10 'generally' up days. That would really drive the doomer bears nuts.
What now matters is how high can we go? If we get stuck around 1390/1405..that's just no good from a bullish point of view. Bulls need to whack this market up, and break back over 1415..and break a new high - preferably before month end. The next 4 trading days are absolutely critical, and arguably will determine how the next few months proceed.
More later...probably after the close.
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