Completely wild day for the market, but the chart below shows a market indicator that is definitely pointing lower. I think the general market is still in a short-term downtrend (consolidation) even if the biggest and best companies are being well rewarded for the enormous success of their products.
(Click on image to enlarge)
I have to cut out early today.
The Short-Term Leader List
The strongest ETFs are blue, the additional leaders are green and the weakest are red. The S&P500 is the benchmark. Disclaimer: This list is not a recommendation to buy or sell.
(Click on image to enlarge)
Outlook
The ECRI index has bottomed out and is pointing higher. Also, based on the NYSE common-stock-only Summation index, the medium-term may be near a peak.
The long-term outlook is improving.
The medium-term trend is up. The best period for buying is over.
The short-term trend is down.
Comments
Log in or sign up to join the conversation.