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Hi Roebear,
Isn't the chart showing a divergence in the MACD, with the MACD showing a lower high vs the SPX higher high?
yes it is, good observation. It would be considered a bearish pattern, imo... but it's really up to the market to bear that out, pun intended. <g> Strengthening the idea that this correction has farther to go, imo, is that the MACD (13,34,89) has been accelerating below the zero line, since 5/13. It is gaining some weight -so to speak- and once it does, it cannot lose it that quickly. <g> To add to that, the longer term up fork on the spx (1st spx chart) will break soon, with more down movement. Talk to you later, take care
Regards,
Frank |
