Selling You a Tougher Story to Buy

The generally stodgy Dow Jones Industrial Average was the only major index to print fresh rally highs this morning. When you consider not only the inherently more defensive nature of the stocks housed in that index compared to the others, it makes the short-term bull thesis a bit hard to bet on aggressively.

Furthermore, consider both the top and bottom panes on the daily chart below. Note the RSI and MACD diverging from price on the push to new highs this morning.

While it is true that only price pays, and uptrends can run much higher even with glaring divergences, I am still long patience above all else.

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