26 Jan 2012

 Showing the extreme levels for my medium term indicator. 

 Started heading down in the short term, but it tried this a few times the past few weeks and failed.

Another view of the McClellan Summation Index shows its rate of change (orange) failed to reach highs from previous rallies, but still is at a high level as indicated by my straight line.  MACD shows negative divergence and the RSI for this time frame is also overbought.

Today was the first day we started strong and got progressively weaker throughout the day for some time.

"Bull markets are born in pessimism, grow on skepticism, mature on optimism, and die of euphoria."
Sir John Templeton