It was just a little over 1 year ago, October 3rd. of 2008, when the SPY gapped
down sharply. That gapped remained open until October 15th when it was finally
closed.
That gap was also a major resistance level to reckon with. So, what has happened
since October 15th?
The SPY has NOT been able to move past the 109.68 level.
As time moves on, the odds for moving past that level have been diminishing.
Why? Because our C-RSI (market strength) has not only been negatively divergent,
it has also been dropping lower. (Last Monday, we commented that "Negative
divergences are warning signs" and that has NOT changed.)
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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