The smokestacks/cyclicals (AA, CAT, IP) and oils (XON, CHV), are going to have to turn negative to get this capitulation test DOW 10,410 I have been talking about.
"COMBINATIONS OF LEVELS BELOW NDX 2,185, DOW 10,410, UTIL 313, RUT 417, SPX 1,287. THESE ARE THE LEVELS FOR CAPITULATION."
Also, UTIL has turned down and fast approaching my primary support 316.60 I mentioned this morning (M544)after being over 319 intraday high.:
"Christopher, I am looking for that test of UTIL 316.60 today or tomorrow. This will clear up the UT picture."
A close below 316.60 will most definitely give us that test to capitulation support 313 to follow.
Best, J.T.
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