Notice the following on the weekly dollar chart:
-- In the second rally prices have not gotten as high as the previous rally
-- The recent rally is printing incredibly weak candle bars for the last three weeks
-- The MACD and RSI are weakening
Click on all for a larger image
Notice the following on the daily chart:
-- Prices are having a hard time getting about the (roughly) 87 level
-- The uptrend that started in mid-December is still in place
-- The SMA picture is very cloudy. All the SMAs are bunched together in a tight range. While the 10 and 20 week SMA just rallied through the 50 week SMA, the 50 week SMA is moving lower indicating a deteriorating trend
-- The MACD is still moving higher
bottom line: The weekly chart says the rally is losing steam. The daily chart's inability to move through 87 is also a concern. But no major selling pressure seems to have emerged yet.
