The SPYs are are above the 200 day SMA but are just below key resistance.
The QQQQs have broken out and are moving higher.
The IWMs are just above key resistance.
So the price picture is positive. But, take a look at the on balance volume of the SPYs and QQQQs
The SPYs OBV is decreasing. The IWMs and QQQs have a rising OBV.
2 comments:
Bonddad,
What is your opinion of the lack of volume - myself, I think it is 'fish-y'
I feel the same way now about the stock market that I felt about the housing market five years ago:
No matter what anyone says to try and change my mind, I am absolutely convinced that this market runup is unsubstantiated lunacy, and the longer it continues, the father and harder it will collapse.
I felt very lonely then, and I am feeling more and more lonely now, but dammit, I was right then and I just know in my soul that I am right now.
We are so headed for a fall... hard.
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