Negative breadth on higher prices is ever more glaring. Today again more down issues (55%) vs up on the NYSE. And the NASDAQ, despite ending positive on the day, had only 40% up issues and merely 50% up volume ratio. So things are on short term shaky ground at least.
And like the always excellent Hochberg of Elliott Wave International stated tonight, its astonishing that prices have maintained such an elevated state despite the seemingly deteriorating market internals on ever rising extreme optimism. The SPX, DJIA, and NASDAQ composite has still yet to make a new recovery high.
Yeah that big e-mini overnight gap up from the New Year is still a glaring open gaping hole. We all see it and wonder.
Sentiment Trader) and again a move toward more bullishness. So risk of decline is higher than not.
Yes it is taking forever, but I think it shan't disappoint in the end. And few will make money from a rapid decline as usual.