The McClellan oscillator is falling and since February 13 it has been
in negative territory.
MACD and the Summation Index have a sell signal since February 14.
Negative divergences of RSI and NYSE Adv-Dec Volume
I don't recall to have ever seen SPX marking higher highs while NYMO is below
the zero line. When Mr market decides to take a breather it will get quickly
oversold hence I would not bet on a large correction.
I really don't have much to add to my last update.
I cannot fight against buy programs & HFT. Every time price threatens
to challenge the rising trend line support of the bearish rising wedge, THEY
achieve monster short squeezes.
I still think that the overlapping structure suggests that price is unfolding
either an Ending Diagonal or an Expanded one, but as long as we don't see
an impulsive down leg the dip buyers will keep this nightmare going on.
I can raise the sell stop at the breach of 1355.92
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