Broad Markets Rolling Over?
The $DJI is challenging the standard BB midline, needs to bounce, or a downtrend may ensue. Note that this time, as opposed to other recent BB midline bounces, the indicators look to be in rollover:
stockcharts.com
$COMPQ ($IXIC) is looking worse, despite today's white candle, it has definitely penetrated the midline:
stockcharts.com
$RUT also looking precarious, though it has briefly dipped below the midline before in the up move:
stockcharts.com
For me the clencher is the SMH (tradable version of the $SOX). It is definitely headed south, whereas before it lead the major markets north for quite a while until this last rally, when supposedly big caps took over the lead. Was this apparent change of leadership real or just a PPT jam job of ten Dow stocks? SMH reversal:
stockcharts.com
Note the last time the $HUI detached from the $SPX, it was $SPX up, $HUI down, in opposition to goldbug wishes. Will it be the reverse now, or, should the broad markets tank, will they pull down the miners?
NC |
