A few observations thus far on the structure of the day.
There are some negative divergences going around today. In the context of a range bound week, which I believe we are heading into, these divergences confirm such action.
On the topic of breadth, we’ve had only one extreme sell signal since the 1st of the month. That’s pretty impressive. As of today, we have upside extremes, no downside extremes.
Today feels like the first day we aren’t ping-ponging leadership between oil, biotech, or momo-stocks. Today, I see China names are popping up a little bit.
What concerns do I have here? Only time. How long things take to map out this week.
Today is the slowest day you’ve seen in this entire process, right? This ought to be the norm for the week.
My only concerns to my overall market roadmap this week are speed, negative breadth, no leadership.
More later,
OA
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Jeff – Check out $TA. Nice wedge setting up
That is a huge red candle in crude today. Definitely shook out some weak hands.
iBC not happy today.
Energy – 1.84%
Healthcare + .31%
China – .5 %
‘Merica – .1 %
The website still suxxx.