Just a quick update. I hope to post more charts later if errands go quickly.
Medium term showing persistent signs of undoing its overbought condition. This is largely yet to be seen in the indexes.
Yes, this actually did go straight sideways since Friday. This weakness is also yet to be seen in the indexes.
The index itself, the TSV, and the RSI all remain at extremely high levels despite the recent fall in the index the last week. This usually changes direction with a corresponding violent move in the thin indexes Dow and S&P, but this time it has actually turned downwards and the indexes have continued to drift aimlessly upwards. Who is leading who?
Around the world:
London up against resistance line.
Nikkei back to 50% retracement line - the recent low was also near the low formed immediately following the earthquake last year. TSV and RSI both overbought.
XLF at a perfect 61.8% retracement line from its peak from 2/17/2011. Here we are 369 days later.
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