While we would like the breadth more bullish, it is amazing us with its lackadaisical performance off the lows. With the lack of follow through and the in ability to break that 1330, the market seems destined to wilt and try to discover some lower price areas.
Our Zweig is a perfect example. It is starting Day 5 which will be halfway through its count cycle. The chart should be up around 56 area and struggling hard over the next 5 days to break that 61.5, instead we sit at 46.47 just 6.47 up from oversold.
Same on the CVI with a low energy bounce.
While the 40 DPI looks a little better, still a reading the in 60’s would have us excited about a rally.
Our trenders remain steadfastly bearish.,