Memorial Day Weekend May 26
The NYSE index has made a higher high but the PMO has not. In fact PMO is turning negative with black below red line.
The blue arrows show the same peak at an overbought RSI. The red arrows show a bounce at the 50 ;evel now just as we had then.
Short term we have a double top with a lower high.
DJIA Industrials
the same sort of cautionary signals are evident here. This at least suggests the need for consolidation if not more correction.
Monthly charts move slowly but this may be a clue for a Fall Low. Ten years out from the March 200 low, we now have a new double top high so a follow up low seems logical.
See my list of negatives in the previous post.
Comments