Not impressed
Most of you know I'm in the G-Fund therefore I have no qualms about stating I'm more apt to point out the Bearish point of view.
I've been pleasantly surprised to see the S&P 500 put in a higher swing high, but we've yet to establish where the next swing low will be. I also happen to believe for us to see a true rally, we should have broad based participation across the markets and this is something I've yet to see over the last two days.
Case in point, the S&P 500 has retraced 38.2% and put in a higher swing high.
The Transports have matched the previous swing high, yet have only retraced 23.6%.
The NASDAQ has yet to establish a higher swing high and has only retraced 23.6%
The S&P 600 small caps have yet to establish a higher swing high and have only retraced 23.6%
To sum it up, of these 4 charts only the S&P 500 has put in a higher swing high and retraced 38.2%. Can the S&P 500 lead without participation from the other charts?
Take care... Jason
