Where is the Zweig Breadth Thrust?

By : May 18, 2010 at 7:00 am

Remember our ZBT count down.  Well we are 6 days now into the 10 day count and here is where the Zweig sits:

image

We have folded down from the 54 area making the characteristic second bottom on the pullback.  But in order to count for a rare thrust we must in the next 4 day close up and above 61.50 so the market will need to put on its rally hat and get a move on here in order to achieve that.   What is more likely to happen is a slow chop up to oversold in that 55 to 60 region unless the wheels really do come off and we chop in this 40 to 45 area.   Watch for a turn here to confirm familiar patterns or the start of a new bear market with move failure in this area.  Right now nothing out of the ordinary on this indicator.