30
Dec
stored in: Uncategorized and tagged:

This chart has been very strong off of the November lows but it could be running out of steam. It hasn’t rolled over yet so I’m not predicting that it will, but given many other negative indicators regarding the health of this rally I tend to think this will be rolling over putting the final nail in this rally.

You can see over the past 3 years it’s been in a downtrending channel and it could still move a few more hundred points higher, but it has stalled out many times in it’s attempt to reach the upper boundary this year and last. Stochastics are nearly at a 3yr high and RSI does have strength but it appears to be flattening out and future market weakness will cause this to roll over.

nysi

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