Another quick note, above is the 15min S&P cash chart which shows all three momentum indicators at the bottom of the chart are not confirming the huge rally in the index. And the MACD is actually crossing lower and in the red even though the market continues higher. This doesn't tell us when the market will drop lower, but it tells us that this rally will be reversed at a large degree.
2 comments:
I notice the Nasdaq 100 crossing below the S&P. I thought the market was going to close at 2 pm est, so I shorted at 1:58 est. But the market close regularly today, it was the bond market that close at 2 est. :(
Good call on the NDX indicator! I did not notice that, but you're right it has crossed down below the blue chip indices. Breadth is still strong but I'm not convinced this rally will last long at all. Perhaps it will fall at the close today or very shortly into the new year.
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