The broken record is at it again. We are overbought, and I think that is part of the reason for the selling into the close. The Nasdaq looks like it could be forming a
3 peaks domed house pattern, but I imagine the domed house will have to be formed on waning strength of most stocks - especially considering the advance decline for the Nasdaq.
As you can see, the Nasdaq 100 is doing most of the heavy lifting for the Nasdaq considering this is what the overall advance decline picture looks like.
At all time high levels for the McClellan Summation index levels. Who knows, maybe we will just keep going up and make a whole new normal? RSI at 98. MACD bearish descending peaks since the original bottom in August.
8 day moving average of the oscillator about to go underneath the 20 day. As you can see the peaks have decreased in size in both directions since the original bottom.
The second one down shows the increase today failed take out the recent highs.
The Spanish banks failed to appreciably rally (comparatively) out of a fairly bullish tightening pattern that a lot of the European banks formed over the summer, and jumped out of. I wonder if Spain will be the next focus area for the Euro crisis.
Can you say parabolic?
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