One look at the Financial Sector would make a full-grown Bull cry. It never came near its Oct. 21 highs and it has been flashing a warning for two days now.
Minute Degree Tops are Structures; this Structure is probably complete. We have had a breakdown out of a channel to yesterday’s lower low followed by today’s valiant advance that stumbled on every possible trend line that could be drawn and failed to take out the highs. The ratio of NY Advancing to Declining Issues couldn’t get much past 2.0 which is very low for an advance of any kind and the oscillators began rolling over around mid-day. It looks like the Structure of a top is in and Nov. 12 was a Truncated top on the S&P.
Please see the chart below for the Primary Count on the S&P.
Minute Degree Tops are Structures; this Structure is probably complete. We have had a breakdown out of a channel to yesterday’s lower low followed by today’s valiant advance that stumbled on every possible trend line that could be drawn and failed to take out the highs. The ratio of NY Advancing to Declining Issues couldn’t get much past 2.0 which is very low for an advance of any kind and the oscillators began rolling over around mid-day. It looks like the Structure of a top is in and Nov. 12 was a Truncated top on the S&P.
Please see the chart below for the Primary Count on the S&P.
As expected and discussed last night, this morning brought a test of the highs but the market failed to develop any significant breadth and stalled around mid-day. The market is now probably within the opening waves of a Minute Degree decline.
Pat McNeill
http://patmcneill.blogspot.com/
Pat McNeill
http://patmcneill.blogspot.com/
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