Today the main Nasdaq Composite (IXIC) made a new all-time high unconfirmed by the other two main US stock indices (SPX) and (DJIA) when this phenomenon occurs it frequently is the prelude to an intermediate peak.
My last post earlier today was made just after what appeared to be the completion of an Elliott wave Ending Diagonal Triangle. Note * when the sell signal was given.
The subsequent decline was brief and followed by another NDX rally to new highs. Note while this was happening the SPX was barely off of its low of the day, the same for the DJIA.
In addition the RSI relative to the NDX was registering a double bearish divergence.
The intra day divergence between the NDX and SPX is extreme and very bearish. If both NDX and SPX open down on 1/10/17 they could trade down the entire day.
The SPX could be down at least 15 to 20 points at sometime on 1/10/17.
Mark
My last post earlier today was made just after what appeared to be the completion of an Elliott wave Ending Diagonal Triangle. Note * when the sell signal was given.
The subsequent decline was brief and followed by another NDX rally to new highs. Note while this was happening the SPX was barely off of its low of the day, the same for the DJIA.
In addition the RSI relative to the NDX was registering a double bearish divergence.
The intra day divergence between the NDX and SPX is extreme and very bearish. If both NDX and SPX open down on 1/10/17 they could trade down the entire day.
The SPX could be down at least 15 to 20 points at sometime on 1/10/17.
Mark