None of my indicators are screaming overbought or oversold. If they are going to go up and challenge recent highs, it is likely that there will be heavy weakness in the event of a failure to confirm.
Medium term's decline slowed sharply yesterday.
Percent of stocks above 200 day moving average still maintains its uptrend. This will be good to watch for a new high or a divergence.
The same goes for the percent of stocks above their 40 day moving average.
Advance-decline line for the Russell 3000 shows a lot of weakness. Remember the Russell 3000 is what the Federal Reserve was boasting about boosting with QE2.
Short term indicator made a low that we lower than the previous low. On one level, this shows some weakness. On the other, it still does have a lot of room to the upside if it chooses.
"Economics exists to make astrology look respectable."
John Kenneth Galbraith
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