I'm not sure we have a series of higher lows, if you're referring to the Jan highs and this week's highs. The NDX lows were 938 and 947, but the COMP lows were 1261 and 1253. That's not a series of higher lows on the COMP.
If you get a chance, look at the SOXX daily and SOXX weekly chart tonight. It pierced the upper BB on the weekly and reversed strongly, printed a topping candle, closed below the weekly 50SMA and the daily 13-EMA.
During the past 2-years, whenever the SOXX has hit a top, the NDX and COMP have topped the same day. The SOXX topped on Wednesday.
The SOXX has reversed down, ergo, the NDX and COMP are also reversing down. The SOXX is headed to the 284 range (lower BB on the weekly) minimum if the bear trend continues. Furthermore, pinching BB's on the SOXX weekly have led to lower lows on the SOXX during the bear. They're pinched, and we reversed off the upper BB with a topping candle.
It does not look good for more up here, IMO.
Here's a link where I posted the charts, as I can't pull them up right now:
investorshub.com |
