Breadth broke a little with yesterday’s price action. The markets need a reason to rally and that has not been furnished. They have waited patiently, flying in a frustration holding pattern for the last couple of weeks, but the bulls are getting tired from the defending and it is starting to show up in breadth. Bulls need a good showing today.
Zweig making a lower low:
Our CVI is starting to show signs for rolling:
The 40 DPI looks the same as the CVI:
The NH/NL looks like it is slip sliding away:
Our trends are still mixed, but the 4 week Cumulative NH/NL index has slipped from bullish to neutral: